RBS Re-Mortgage Process

lozzzy85

Afternoon All,

I wondered if anyone had any knowledge of the RBS/Natwest mortgage process.

Been credit checked, and the applications gone through, but the paperwork hasn't come through the post yet, nor have we had our house valued.

Little worried as they orginally said we could have the amount we wanted and then after applying reduced the amount by £20k.

Thankfully we've been very lucky and have been lent a lump sum from family to cover the missing amount.

We can't stay on the current mortgage cause its Nram and my partner is removing his house mates name and it is becoming our home and as a result we are keen for the mortgage to go through!

kingstreet

You appear to be waiting for a call for access from the surveyor tasked with valuing the property at this time.

lozzzy85

Thanks Kingstreet. You were right.

The valueer has just been and was allusive on what valuation he is going togive.

I was surprised after reading a few posts as he actually came in, tookmeasurements and made sketches, however he would discuss anything with us.

My other half noticed he’d written 120k on the sheet and we told RBS it wasworth £125k (although the local estate agent valued it at £130).

We can live with a £120k valuation as it would take us to a 90% LTV and themortgage deal is for up to 90%, however does anyone know if the valuer actuallycomes back less, is there a way to dispute it with RBS?

I might be jumping the gun, but would be grateful of your feedback

kingstreet

TBH a local estate agent's "valuation" is about as much use as a chocolate teapot in mortgage-land. I'd be very pleased if I got a surveyor to come in £10k under that. £5k under, your figure, would have been close to miraculous.

Surveyors do internal inspections where the LTV is high. I'd expect him to have a close look at 90%. I've just done a 50% remortgage with NatWest and that only required a "kerbside" by the surveyor.

I'd try to avoid thinking about challenging a surveyor's valuation. It rarely works and is a stressful way of spending a day!

Once the report is returned, you should see your mortgage offer issued in a few days, then it's over to the solicitor.