FATO: Brokers/Mortgage Advisors who use Natwest.

INCOMING

Howdy folks. Myself has applied for a lovely new build propery through the new government help to buy scheme.

I have chipped in with a 5% deposit and the government has agreed to lend me the 25%. Making it a £38,000 deposit.

My question is, has any brokers/mortgage advisors used them recently?

I have a few questions:

Is their lending criteria strict?
Are they busy at the moment?

Orbit have approved me today and have given me the authority to proceed. I have no adverse information on ALL THREE CRA'S.

I haven't had a AIP yet, instead broker insisted on doing a full application.

Will they look at any documentation (payslips) or is it straight forward? I believe Orbit have approved me by the informaiton I've given them (payslips, bank statements, p60, etc)

many thanks

kingstreet

All Orbit looks at is the Reservation Form & Property Information Form. You are not vetted like you were for FirstBuy. They do not see your income evidence, nor carry out any kind of credit search.

I would not have proceeded with a reservation without a DIP for the mortgage first.

I don't particularly like NatWest, but that is a different issue. Their criteria is what it is. I don't know how to answer your question about strictness as I can't provide a comparative measure. Looser than some, tighter than others is about the best I could do.

Ask your broker why he is using them if you are concerned about the reasoning, or your suitability letter if/when you get it.

reapz69

Hi I am in the process with natwest atm and i think they are busy as my survey is booked for the 12th.

Best thing is they view it as 75% ltv where halifax see it as 95% ltv

Simon_gloster

Halifax would view at 70% LTV so I've read.

amnblog

I find Nat West reasonably sensible to work with. You can't say that about all lenders.

Like Kingstreet I would have liked to get an AIP first.

INCOMING

Hi guys, thanks for the responses, I am using the help to buy scheme, but stupidly, halifax don't treat it as a 75LTV mortgage.

At the time, there weren't many Help to buy lenders. Broker has submitted FULL application as of yesterday with Natwest.

From experience with either natwest or any other lenders, When is it likely will you will an significant update/any update regarding the full mortgage application?

many thanks

amnblog

INCOMING wrote: »

Hi guys, thanks for the responses, I am using the help to buy scheme, but stupidly, halifax don't treat it as a 75LTV mortgage.

At the time, there weren't many Help to buy lenders. Broker has submitted FULL application as of yesterday with Natwest.

From experience with either natwest or any other lenders, When is it likely will you will an significant update/any update regarding the full mortgage application?

many thanks

Your question in not answerable by anyone except your own broker. Each case has it's own complications and an incomplete or inaccurate application pack is obviously a lot slower than a well presented and comprehensive one.