Random Mortgage Audit

luckykat

Please could somebody give me some advice. Myself and my partner have applied for a mortgage with NatWest. Valuation has been carried out and I've been told that valuation came back fine. Myself and my partner have an excellent credit rating. The mortgage application was done through a broker on 6th February and we thought it was all going swimmingly until we were told on 21st February that mortgage has been pulled for a random internal audit. It took the remainder of that week to then get an answer the NatWest wanted a letter from solicitors confirming equity in house, house sale price, house purchase price, etc, etc. This took nearly 48 hours for the solicitor to do and for it to appear on NatWest's database. I rang yesterday and was told that there is now a three day window for the auditors to look at our mortgage again and there will be no answer until this date. We are both stressed as we were due to exchange next week, but obviously this will be on hold until we get confirmation from NatWest. I can't believe it can take this long - the brokers don't get anywhere either when phoning up. Can anybody advise whether this has happened to them and what the outcome was. I'm so worried that it will mean we won't get our mortgage and have to start all over again! Many thanks.

ACG

Its just an audit to check you and your advisor have told the truth. If you have dont worry,.

It happens to make sure their systems are working and not being abused.

luckykat

Thanks so much. Yes, have been 100% honest about everything from our point of view and have absolutely nothing to hide! Everything was running so smoothly - small chain - no problems, then this happens and its just so slow. I can't concentrate on being happy and excited until I know the outcome!!

ACG

Ive experienced it once when i was working at another brokers. The advisor was stressing as he had bent the truth slightly but he got it sorted it and all went through eventually. He knew they would accept it but they would want more paperwork....in his eyes he was saving everyone work, after that almost all of his cases with that company went for an audit, he learnt his lesson.

I know what its like but dont worry if youve been truthful this is more to test themselves rather than anything else.

luckykat

OK, well fingers crossed everything is ok, and I can relax again and enjoy the experience!!