Nervous Times......

Harman83

Hi, feeling incredibly anxious at the moment like many others in the same boat I guess.

Very early days but we have placed a reservation down on a new build. We have a natwest mortgage offer in principle and are using the help to buy scheme. Our mortgage advisor is submitting the equity loan papers which I believe will take a week. He stated that we are suitable so im trusting his knowledge.

Thats obviously the first hurdle but now im just so nervous aboit firstly the loan and second the mortgage. I gave the mortgage advisor everything I.e. debt, income pay slips the lot and natwest gave us a dip of 70k more than what we need. I know that they completed a credit check as I actively check mine.

Im just wondering what other checka they do or will they just confirm the information is correct etc........so nerve racking its untrue!!!

the_matrix

Don't worry...

It'll be over soon.

amnblog

Like anything else that is life changing but out of our control, it makes us anxious.

Be patient and provide everything requested in full and in the format requested.

kitty_kins

I'm in the same boat as you but with the Halifax. We are first time buyers and buying a New Build which we put a reservation down on end of March.

Make sure you instruct Solicitors ASAP (which I'm sure you have done) and fill in all forms as soon as you can.

For us, the largest delay has been with the CML form. Our FA told us that this is a special form applicable to new builds that offers extra valuation due to incentives. An error on the form has taken a month to sort out and has held up our Mortgage offer. That being said, we should be able to exchange this week or next. Just be prepared that there are delays and they will drive you potty!

I've also been working on the mantra "no news is good news" which has been keeping me sane!

Just be as helpful as possible and don't be afraid to contact Solicitors, Brokers etc. they are working for you!

X

Harman83

Thanks all....

The other query/worry I have is that when we reserved I was told by builder that the 5% deposit should be paid on exchange of contracts. We have the deposit but tied up in equity in the property that we have sold and obviously we wont see that equity until completion day.

I haven't yet spoken to our solicitor about how this will work but can anyone advise or have experience of this situation.....??

Thank you

kingstreet

Your buyer's deposit is passed up the chain, so you will not need a cash deposit.

Harman83

Thank you......

So little update......we have had the authority to proceed for the help to buy loan. Whether that means anything not sure.

Just the daunting task of full mortgage application. Although mortgage advisor recommends we wait two weeks as our completion is nov/dec.

Natwest completed the credit checks at agreement in principal and offered max of 259k and we need 187k. Really hope that helps our cause.......as we told the broker absolutely everything.

Just wondering if they will do more credit checks and what else they will do.

ethank

Sounds like you should be okay. Best of luck.

Harman83

Ethanks cheers......trying not to worry but obviously like everyone else it means so much and I know I can afford the mortgage as its literally 50 a month more than my current mortgage which ive had for ten years with no problems.

I keep reading so many negative reviews on natwest surely has to be some good experiencsles out there.......

ive also realised that on the 13th December 2012 I went a couple of quid over my agreed overdraft (account held with ...... natwest) ......this was through a direct debit. So frustrating because I got charged £6 which came out of my account in the 6th January 2014 . Apart from that I never had a charge since 2011.

From previous posts that ive read the suggestion is to leave any natwest application 6 months clear before applying for a mortgage if you bank with them. Now if this is the case should I wait six months from 13 december or from whe I was charged. Hopefully, my broker will advise but any experience on here is always appreciated. ........