Moving House, my buyers mortgage approval / survey taking ages

fcorry2008

I accepted an offer on my house, 1 month ago.

My buyers are using Natwest for their mortgage but I haven't had any survey contact or any other confirmation that my buyers mortgage is approved.

My estate agent says Natwest can be quite slow as they fully approve the mortgage before the survey is done, is this correct? I have been advised to sit tight whilst my estate agent keeps chasing my buyers financial advisor and they will update me as soon as they can. They also recommend having further viewings on my home until I'm officially Sold STC.

I had the mortgage on the home I'm buying fully approved including survey complete within a two weeks of me sending the paper work back and my mortgage is The One Account which like Natwest is RBS group as well. Maybe different procedures?

Can anyone advise me as too why Natwest are taking this long for my buyers to get their mortgage sorted and survey done?

G_M

If you are getting worried/impatient then further viewings will do no harm.

Not sure what you mean by "until I'm officially Sold STC". When exactly does it become official. I really have no idea?!

fcorry2008

G_M wrote: »

If you are getting worried/impatient then further viewings will do no harm.

Not sure what you mean by "until I'm officially Sold STC". When exactly does it become official. I really have no idea?!

Your right, what I've been advised by the estate agent is that my property will have a sold sign up and will be taken off the market once the survey has been done and my buyers mortgage is confirmed, they call it sold stc. Yes official is the wrong word, maybe you know what I mean though.

I know it can still fall through after this, but at least getting to this stage I know they will have the funds to buy my house.

tyler80

We finalised our mortgage application (with Natwest) on the Wednesday, offer subject to survey received the following Monday and surveyor out on the Tuesday and final final offer the Monday after that.

fcorry2008

tyler80 wrote: »

We finalised our mortgage application (with Natwest) on the Wednesday, offer subject to survey received the following Monday and surveyor out on the Tuesday and final final offer the Monday after that.

Glad to hear it went well for you, our buyers mortgage seems to have taken quite a bit longer, no survey done yet and it must be 2 -3 weeks since they submitted their application.

G_M

fcorry2008 wrote: »

Your right, what I've been advised by the estate agent is that my property will have a sold sign up and will be taken off the market once the survey has been done and my buyers mortgage is confirmed, they call it sold stc. Yes official is the wrong word, maybe you know what I mean though.

I know it can still fall through after this, but at least getting to this stage I know they will have the funds to buy my house.

If you don't want a 'sold' sign up, tell the agent not to put it up! He works for you!

missjy

Coincidentally I had a phonecall from Natwest today asking me for feedback on how they handled my complaints in regards to their mortgage process.
I have been a Natwest customer since uni (1998), have a good salary coming in, 20% deposit saved, perfect credit record- but Natwest messed up my application time after time. I had to do lots of chasing myself - including going into head office and physically handing over paperwork because incompetent branch staff and call centre were clueless. It was only when I made a complaint and was passed to the Customer Care Team that things improved. My application was accepted and the survey done in two days!!
My advice would be to keep ringing Natwest everyday until someone gives you an explanation of what is going on/what stage your application is at! Good luck x

missjy

Oh just realised that ur the vendor - maybe worth asking your EA to chase them up?? When I made my offer the EA asked for my Agreement in Principle & evidence of my deposit - has the EA taken this info from the seller? Because if the seller didn't have a AIP it could take longer and then they need to provide evidence of salary & deposit etc which Natwest need to verify.

InkZ

Doesn't sound like a serious buyer to me... I would expect a survey in a week or two tops.

hcb42

I agree...they are not exactly pushing the process here.

roofers

If you don't want a 'sold' sign up, tell the agent not to put it up! He works for you!