Natwest Mortgage offer

billybear1

Just an update - the valuation came back 5K under - we have told them that we will fund the shortfall ourselves (this was on Wednesday morning) and it was marked as urgent for the underwriter. Still not heard anything back as was hoping we would have an offer by now.

kingstreet

billybear1 wrote: »

Just an update - the valuation came back 5K under - we have told them that we will fund the shortfall ourselves (this was on Wednesday morning) and it was marked as urgent for the underwriter. Still not heard anything back as was hoping we would have an offer by now

You may be asked to evidence the source of the extra £5k deposit, if you haven't already been asked for proof of the amount you intended to use previously.

billybear1

Thanks KS - we have evidence a bank account with around £12k in it which demonstrates the amount needed for the new purchase deposit, but it is on the border. We have two ISA's which will fund the rest (as in stamp duty/ legals etc), but haven't provided evidence for this.

One would hope, although I doubt this is the case, they would have said "The valuation is under, you need XYZ from elsewhere, looking over your case, that means another source of money other than your current account - if you are funding this yourself, can you please show evidence of this source"

Or do they not work like that

kingstreet

The underwriter determines the requirements, so until it has been reviewed by one, you don't know if it will be offered or the requirement requested.

They may leave it for solicitor to obtain.

Off the top of my head, I don't think we've ever been asked for PoD on any NatWest case.

billybear1

kingstreet wrote: »

The underwriter determines the requirements, so until it has been reviewed by one, you don't know if it will be offered or the requirement requested.

They may leave it for solicitor to obtain.

Off the top of my head, I don't think we've ever been asked for PoD on any NatWest case.

Thank you KingStreet - will update you today as looking at their timescales, they should review today.

billybear1

So - we received the offer for our residential today - which is where the extra deposit is eventually going, one would assume given that, they will also offer on the BTL due to the fact that, as a transaction, the BTL was undervalued but we have accepted the lower valuation and equity release that will give.

At least, that is my rationalisation of the situation.

billybear1

No offer today - has been in the "Ready to offer" pile after us accepting the down valuation last Wednesday. That being said. It is now effectively 4 working days after being put in this pile and no news. Am I being impatient here?