Valuation then mortgage offer

kellysaxo

My valuation of my house has been done (remortgage) as I inherited the house I roughly over estimated the value by £15k going from ltv 57% to ltv of 74%.
My broker has said that I now have to change products and to let her know which one and then mortgage offer will be issued.
Does this mean that this has been accepted and its just the paperwork needed?
I have completed all legal with Optima.
My broker is very hard to get in touch with this is why I am asking?

thanks in advance

Kelly

kingstreet

It means your mortgage offer will be issued when you tell your broker which product you now require based on the new loan to value.

He/She will tell NatWest and they will process the change.

Presumably, the broker has prepared new key features illustrations for you to consider?

kellysaxo

Does that mean that my mortgage application has been accepted?
Subject to me choosing product
I haven't had any key illustrations at any stage of application.

thanks

kingstreet

If NatWest is asking for nothing but this, I would say it is ready to issue the offer, as it normally does on receipt of the valuation report.

A key facts illustration should be provided before you apply for a mortgage and revised ones issued if there is any change during the application process. It is about five pages long and is headed "Key Facts about this mortgage" and mentions the Financial Conduct Authority in the box headed "1. About this illustration."

FWIW, within two days of submitting an application, we email copies of;-

terms of business
key facts illustration
mortgage application
factfind
"reasons why" letter

to each client so they have a record of what we've done and why.

If you are missing any of the these documents, ask your broker for them.

kellysaxo

She said they will then issue the offer. I assume that if i accept and sign its a done deal then?
I really appreciate all of your advice

Kelly

kingstreet

I don't know if a NatWest offer has anything to sign. Many lenders leave signatures to the completion stage with the solicitor.

Issue of the offer is the usual last milestone in the process as far as arranging the mortgage goes, but you should not be opening any champagne until after completion takes place.

kellysaxo

OK thanks when it completes I will save you a glass

mai_taylor

FWIW I've never had a key facts document either.

kingstreet

How do you know the fees, rates, costs, penalties etc if you've never had a KFI?

MAS on KFIs;-

https://www.moneyadviceservice.org.uk/en/articles/keyfacts-documents-explaining-your-mortgage