Natwest mortgage - idea on timescales?

saving2704

Just a quick query. Does anyone know how long Natwest are taking to give full mortgage offers at the mo? I have a MIP and have submitted all docs, ID etc...

Also, does anyone know if they do mortgage on 4 times wage etc? Or is it on affordability? And if so, how is that calculated?

amnblog

Have you asked the Lender?

lou2003uk

Im on my 3rd week with no answer - will be 4 weeks on friday and still no word...

amnblog

So you have your answer.

As you are dealing direct, only the Lender can help you.

saving2704

I have asked my mortgage advisor but he didn't seem too keen to give me a timescale!

lou2003uk

saving2704 wrote: »

I have asked my mortgage advisor but he didn't seem too keen to give me a timescale!

They won't be because there is no set time scale it's dependant upon if it goes to the underwriters etc -and if they have a backlog which they do.

saving2704

Do you know how they work out what they will lend you? I have a MIP but I have read a lot of reviews saying that they have reduced the amount offered once the full application was submitted....eeeeeek! I won't be able to afford the house I have offered on if they reduce!

andrewp35

we had a MIP with natwest for £200,000 once we submitted full app etc and went to underwriters they offered us £193,500.

Mindovermatter_2

I've been waiting 4 weeks for Halifax, I'm asking for 25% less than my AIP. However my company operate salary sacrifice, I get stock and cask grants and various benefits and so my payslips show a different "salary" amounts every month. I've explained how my payslip works, but they result to saying they have to get confirmation from my employer. They will only do this via post and fax, and my company don't use faxes anymore. They had the requested three months payslips on the day I applied for the mortgage, the other three weeks, 6 days to date is them asking for clarification from my employer on what parts of my payslip means! And they haven't asked all the questions at once, so it's one request after another via post! Very frustrating! .... Sign of the the times I guess ..... I'm after 3.5 x my regular salary, this excludes the extra 40% on top of this that I've earned to date in commission, all showing on my latest payslip...... No common sense being used....major tick box exercise!

saving2704

andrewp35 wrote: »

we had a MIP with natwest for £200,000 once we submitted full app etc and went to underwriters they offered us £193,500.

Did they give you a reason for the reduction?

joe427

I was exactly the same wanting to know how long it would take, I'm with Natwest too. There are a few of us posting timelines for Natwest in the awaiting mortgage decision thread.

My application went in on 22nd February, and I should hear a decision on the final offer tomorrow. So if valuation is OK, then the mortgage gets offered that's just under 4 weeks for me. However I did have to wait a week for the valuation after it was booked.