Timeframe advice

Meog12

Hi all,

Myself and my partner applied for our mortgage through Natwest in Thursday 16th May but have not head anything since and are waiting for an update from our financial advisor. We received at agreement in principle from them on the 4th May and the credit check is showing on our report as 'mortgage quotation'. We have another search showing on the day we applied as 'identity check'. I know these things can take weeks but I just wondered seeing as they did a search the day we applied whether it is likely they would have instructed the surveyor yet? Is it positive that we have had no news- if we failed the credit check is it likely that we would have had news buy now?

I'm a first time buyer so this process is new to me and I think I am over worrying about everything! Is anyone able to provide any advice?

Thanks so much
Emma

monty-doggy

Your financial advisor should be chasing all this and answering your questions, that's what you are paying him for. I wouldn't worry because if there was a problem it would have come back right away. They won't have instructed a surveyor unless you have paid for the survey? I'd be hounded the FA it's what they are there for!

Meog12

Hi Monty,

We have been unable to get hold of him this weekend but obviously this is probably because of the bank holiday.

We provided our payment details for the survey when we submitted the application- well by this i meant valuation as it is a new build but the payment hasn't come out of our accounts yet. I'm just nervous as I want to know it is all ok so I can relax but we don't really know what is happening at the moment!

monty-doggy

Mine has taken about four weeks so far. Survey was done on Friday so I won't hear back until tomorrow but our FA has been brilliant, I was worried as a FTB and I've no real credit history and not been on vote reg long, but I have been assured that if there was a rejection or a problem they tell you right away

Meog12

I will be chasing our FA tomorrow for answers! It's a scary process when you haven't been through it before isn't it! I don't want to get too excited in case it all falls through! Good luck for yours and I hope you move in really soon that's reassured me a bit- I was hoping that no news is good news as you would think if there was any problems they wouldn't go ahead with the survey etc

Fingers crossed everything goes smoothly for both of us!

kingstreet

I don't like the use of "financial advisor" it sounds like someone who sells insurance for a living, who also does the odd mortgage to cement their insurance sales.

I'm a mortgage broker and I'm available to my clients if they call me at 18.09 on a Sunday, bank holiday Monday, whatever.

In most cases, we submit an application, it is underwritten and additional information is requested or the valuation is instructed. If not, it's declined and that's it.

If you'd care to put some meat on the bones of what's happened, I'll be glad to tell you more...

starbarboy

Hi Emma

I have just been through the process myself so fully appreciate how nerve wracking it can be. The fact that initial checks have led to them giving an agreement in principle is a good start. It sounds like you are still waiting for them to issue further requests, I would contact your mortgage broker to ask them to chase these up. Unless there is something you specifically concerned about that could prevent you from getting the mortgage, in which case someone here may be able to advise, I would try not to worry as I'm sure everything will be fine.

Good luck and hope everything goes well.

Stephen

Meog12

Hi kingstreet,

If only you were our broker! We've reserved a new build and are buying through the help to buy scheme. As I said before we received the AIP back on the 4th May and the credit check is showing on our reports. We have been approved by homebuy for the help to buy scheme so the final major hurdle is our mortgage really. It's through natwest and we are putting down the 5% deposit. We both have fairly good credit- scores both in the 800s ( though I have read on there that this doesn't mean much) apart from car finance my partner has no other credit and has never missed a payment. I have car finance as well and a mail order account which I owe £200 on (Christmas pressies) but have not missed a payment and have over paid every month. The only mark on my credit score is 1 late payment ( literally 1 day late) of my £26 phone bill last October which was purely due to moving jobs and forgetting but I have now set up a direct debit and have not missed anything since. (No other late payments in the last year or anything). We out through the application on the 16th and provided everything our advisor said we might need. He submitted it and that same day there was an identification check on our reports but since then we have heard absolutely nothing. Is there anything else that might help if I tell you?

Thanks so much

Meog12

Thank you starbarboy, there's nothing in particular I am worrying about just the fact we haven't heard anything. Thank you for your advice I will chase him tomorrow. I'm sure he would have contacted us if he had heard anything but its just nerve wracking not knowing what's going on!

kingstreet

AFAIK NatWest wasn't accepting HTB applications on 16 May?

You got your ATP and applied? Are you buying between £125k and £250k? Why not the Halifax Stamp Duty incentive product? Why NatWest?

Are you using the builder's recommended broker?

Meog12

We were told they came on board that day and the credit search is definitely on the 16th may

They house is valued at 176995. We tried applying to halifax but they declined us based on the credit check- our advisor said it was my one late payment that would have caused it. We were told we would not be able to get a normal mortgage based on that so the help to buy scheme would be our best bet. We only have a 5% deposit you see so would need a 95 % mortgage.

Yes- we are using the builders broker