What is NatWest's application process?

ferry

Just curious as we're about to start a mortgage application to them and my IFA wants to do an 'initial process application' and if we pass that submit a full one?

I'm sure he knows what is required and don't doubt him but why 2 seperate application types?

Thanks as usual
f

alexia88

Hi Ferry, we've just moved in to a property thanks to a Natwest mortgage.
Made a telephone application, passed credit check but was referred to underwriters (Thursday), the forms for full application were received the next day (Friday). Filled in the forms for full application, got a text on the monday saying they'd received it and would let us know in 5 working days but got a phone call that afternoon arranging the valuation.
Providing you have crossed the i's and crossed the t's they are very very quick.
We tried getting ours through a broker but they said based on their initial checks that we would only be able to borrow 80%, but going directly managed to borrow what we needed.
From our experiences, the broker did a check to make sure it was worth making a full application before submitting a formal complete one.

kingstreet

Most lenders use a system which first produces an agreement in principle, but which then gives you the foundation to convert it into a full application. I would imagine all NatWest's system does is ensures you pass the early checks before it will allow you to key property, solicitor's details etc.

As I think SPM suggested a few weeks ago, if the broker does this via the MTE system, he'll get a proper decision at the first stage which you don't get via the NatWest internal site.

ferry

Many thanks for the info.

How much weight does this initial acceptance carry in actually securing the deal with NatWest we wonder?
I have been informed now that we have passed these early first steps and a full application will now be made.I take it no documents were submitted at this stage even though our IFA has them now.

How could we fail at the second stage would you know -anything specific that was not included in the first bit?
(If you see what I mean)!

Thanks again
F