General Mortgage Questions

pukkamum

amnblog wrote: »

He is getting paid to be bothered.

We are quite used to it.

Some clients 'bother' us every hour.

Sure you don't mean mither............

bitmadmax

As others have posted on here, your broker will be best placed to answer your queries.

But in my experience, I applied to natwest via a broker in early April and got my offer in late May (long story - MMR and seemingly endless document checks). I had credit checks from Natwest showing on my file a few days after my application went in. The day my broker told me it was underwritten (subject to valuation) natwest had taken the valuation and valuation admin fees from my account. This, and from what I've read elsewhere, suggests natwest only take valuation fees once you have been satisfactorily underwritten and the valuation has been booked. About 2 days after that, legal and general surveyors visited the property and reported back to natwest a few days later. It was 7 days between valuation fees being taken and me receiving my offer. But this may vary depending how busy the valuer is/which valuation company is being used.

I suspect they will do one last credit check on/before completion to make sure I haven't arranged further credit between offer and completion.

The fact your valuation fee has been taken hopefully means you are on the last leg I don't think much can go wrong now assuming the valuation is OK and you don't apply for any credit

Wanton wrote: »

Hello,

I'm hoping someone can help put my mind at rest with our mortgage application, it's still early days but this is our first mortgage so unsure of a few things. Here's a (short) timeline of events -

25/06 - Met with broker to discuss application, he recommended NatWest and obtained a decision in principal from them
26/06 - We e-mailed decision in principal to Estate Agent to support our offer. Offer accepted
26/06 - Broker sent mortgage application to NatWest, which was acknowledged
02/07 - Survey fee debited from our account

My questions are -

1. Does the fact that we have a decision in principal and the survey fee has been debited from our account mean that, provided there are no survey problems, we've been accepted for the mortgage? (i.e. credit check been done, affordability passed)
2. Do we find out when the survey is going to be done, or does it get done and then we get the report through the post?
3. Does anyone know how long NatWest take between the application and survery, and how long between the survey and final decision?

As mentioned I know its early days, just I hate not knowing these things! Any other advice would be greatly appreciated!

desperate_times

Just to add I don't think really mortgage brokers have much idea how long it takes between valuation and offer. We have been told 1-2 days for more than a week now and still no idea when. Just a case of waiting.

Wanton

bitmadmax wrote: »

As others have posted on here, your broker will be best placed to answer your queries.

But in my experience, I applied to natwest via a broker in early April and got my offer in late May (long story - MMR and seemingly endless document checks). I had credit checks from Natwest showing on my file a few days after my application went in. The day my broker told me it was underwritten (subject to valuation) natwest had taken the valuation and valuation admin fees from my account. This, and from what I've read elsewhere, suggests natwest only take valuation fees once you have been satisfactorily underwritten and the valuation has been booked. About 2 days after that, legal and general surveyors visited the property and reported back to natwest a few days later. It was 7 days between valuation fees being taken and me receiving my offer. But this may vary depending how busy the valuer is/which valuation company is being used.

I suspect they will do one last credit check on/before completion to make sure I haven't arranged further credit between offer and completion.

The fact your valuation fee has been taken hopefully means you are on the last leg I don't think much can go wrong now assuming the valuation is OK and you don't apply for any credit

Thank you very much, this helps a lot! It's good to hear about other peoples experiences.

GMS

desperate_times wrote: »

Just to add I don't think really mortgage brokers have much idea how long it takes between valuation and offer. We have been told 1-2 days for more than a week now and still no idea when. Just a case of waiting.

It depends on many factors. some lenders do the valuation pre underwriting so assess all documents at once. If there are further requirements it can take time.


Valuer may recommend works which the lender will go back to the valuer to discuss. This can take a few days.


Bank statements can reveal undisclosed credit amongst other things meaning more questions.


Ridiculous to state brokers have no idea. Lender service levels give an indication that's all. Any number of things can delay it.

EmmEve

We're currently applying for a mortgage with natwest too. Our valuation money was taken a week ago but the valuation isn't booked until next week (broker said they have a backlog atm). I was told they have 48 hours to report back from the survey and a decision should be made within 72 hours (I assume working days). Hth I've been wondering the same about Q1.

Wanton

Just to provide an update, survey has all been done and we've had a mortgage offer today!

bitmadmax

Congratulations :j