Natwest Mortgage in Principal

Noobie2011

Hi All,

I am wondering if I can get some advice on here as cannot seem to get a straight answer from the Mortgage Adviser.

Me and my partner have applied for a Mortgage through Help to Buy with Meridian Mortgages who have got us a Mortgage in Principal from NatWest.

Now I have been given a few bits of advice all slightly different but when speaking to our Mortgage Adviser they advise a Mortgage in Principal is almost a Mortgage guarantee as long as what we have said we can provide evidence for and that nothing crops up on our credit reports that we have not already told them and of course as long as NatWests lending criteria stays the same.

Also we have been advised they have done a full Credit check on us and when checking our files it does show up that a credit search has been done on our file for this.

However I was in an IVA which dropped off my file a few months ago and was settled over 4 years ago and my partner had 2 defaults which were settled 4 years ago but still have 2 years left before dropping off file. The thing that is worrying me is someone mentioned NatWest will not give a Mortgage to anyone who was ever in an IVA which I was and we were also told NatWest have a habit of accepting people for MIP and then declining when doing the full application.

We have seen a house we are close to reserving but as our hopes were getting up we are now worried that it was false hope as it seems as MIP does not seem to be as good as we thought.

Does anyone have any experience with NatWest and what sort of checks and detail will they want going forward from the MIP

Thanks in advance for any help

Noobie2011

Anyone got any experience on this.

I am ringing my current Mortgage Adviser today to see if they can explain things better and also have another Mortgage Adviser ringing me this morning to go through all our details and then advise on where we are.

But any advise on the above or even advice on what I should be asking them would be great

bonbon49

I have a mortgage with NW, and when we got our mortgage in principal offer, it was only based on a quick chat to work out what they would be willing to lend. The credit checks weren't done until we applied in full and hand of full interview for a mortgage application. The credit checks were done at this point, and all came back clear for us, there wasn't a credit check at MIP level as it was only a 15 minute chat.
A MIP doesn't mean that you'll be given a full mortgage offer, you won't know this until the full application is done and all supporting paperwork has been checked, and the house you want to buy satisfies their valuation and criteria.

Noobie2011

bonbon49 wrote: »

I have a mortgage with NW, and when we got our mortgage in principal offer, it was only based on a quick chat to work out what they would be willing to lend. The credit checks weren't done until we applied in full and hand of full interview for a mortgage application. The credit checks were done at this point, and all came back clear for us, there wasn't a credit check at MIP level as it was only a 15 minute chat.
A MIP doesn't mean that you'll be given a full mortgage offer, you won't know this until the full application is done and all supporting paperwork has been checked, and the house you want to buy satisfies their valuation and criteria.

Thanks for that. Do you know what sort of Credit search was done on us as was it the Mortgage adviser then rather than Natwest as it says on our file an Opt In credit search was done with Nationwide and NatWest

bonbon49

I'm not sure, as we applied direct ourselves and didn't use an MA or broker. For us, they only credit checked once we applied in full, and at the end of our application once they were happy with all the figures and details I'd provided. They did the check whilst I was on the phone, and it all came back fine for us, but our approval was still subject to all our paperwork being satisfactory and matching the details I had given them.
Maybe the MA does a credit check to begin with to make sure you'd be eligible, but I really don't know for sure.