Natwest full application time scale

bettywurzel

Our application was submitted on 12th March and was referred as we're paying off a large loan with our equity. Our broker called on Monday 16th March to say it had been accepted and to leave it with him and he would be in touch if we needed to do anything else. Money hasn't been debited for the valuation and this is concerning me now! We are moving out of our house on 30th March and into the in laws so really hope the mortgage comes through quickly!

mrbendy

Ours- the same - paying off a loan with equity. The latest is - despite valuation last Tuesday and this apparently coming back satisfactory and at correct price- it has now gone back to an underwriter to correct an earlier error??? I am hoping it doesn't now go pear shaped. Will not go to offer until at least tomorrow or Tuesday so probs won't receive anything earlier than Thu/ Friday by post. My timeline is :

AIP obtained 2nd March
Full app 3rd March
Accepted subject to survey 11th March
Valuation done 17th March
.....waiting.....nervously....

c.redfern

Valuation day today i hope it doesnt take long for us to get the report. Its sent by email apparently. Im itching to see it.

Bettywurzel it took us just under two weeks to have our mortgage accepted and they took the payment for the searches the same day. Our mortgage advisor said its usually a couple of days until they know when the valuation is being done. Ours is being done today so a week after we was accepted. I have been told there is a back log at the minute though. If your worried ring them, i have spoke to mine a couple of times even though they said to leave it with them and they have been really great at putting my mind at ease

mrbendy

Good luck for valuation!

Timbosaurus

I've just had a call from my broker, saying NatWest are being picky about my credit card balance, and want it reduced by approximately £1k. Thankfully I have some windfall money due shortly, so I will probably borrow from my deposit funds to meet their requirements, replacing it prior to exchange. She's left them a couple of voicemails and will come back to me once she's discussed the issue with them directly.

Timbosaurus

Some good news this morning, they are proceeding to survey, but will not issue the offer until I submit statements proving I have reduced my credit card balance to the level they require. I've made the required balance reductions today, and told them I am happy for them to proceed with the valuation. Fingers crossed!

mplunk

Timbosaurus, if you don't mind me asking, what balance on credit cards you have if you received a request like this? We've got 5.5K between myself and my husband on credit cards and 4.5K outstanding on a natwest loan and so far haven't been asked anything at all. Today is the valuation day... The broker said it's all agreed subject to valuation and a final check (whatever that might be)

Timbosaurus

All the figures on mine are quite small really:

Salary £13k
Purchase Price £34k
Loan required £30,600 (90% LTV)
CC balance outstanding £2k

They requested it be reduced to £1k to meet affordability requirements. If this hasn't come up prior to valuation then you are very unlikely to be in the same boat as me. All the affordability assessment and scoring seems to be doing prior to instructing valuation.

retro.kid

For me and my wife, Natwest process smooth - and painless.

Seen house we liked over Christmas. Done two viewings early January. Put an offer in via Solicitor 12/01 subject to Mortgage.

Appointed Broker 13/01. Applied for Mortgage 14/01. (we had an AIP with RBS previously, but broker advised Natwest - same product, but he could fast track it using his contacts).

We bought in Scotland so need for Survey - as a valid one was still outstanding with the Home Report carried out end November - that was certified as acceptable by Natwest.

Confirmation of Mortgage approval 16/02.

Funds released 26/02 and we picked up the keys 27/02.

Broker done all the work for us - all we had to do was sign direct debit mandates and the mortgage paperwork via solicitor.

All in all, very smooth process. Just over 6 weeks from start to finish. Helped by having no chain - We sold our flat in 2013 and been living with inlaws saving a deposit.

lizards

We got some good news today too - 95% HTB (top end.. so very different to Timbosaurus!) seems to have passed the first part and the valuation is being booked. Phew! Given we were likely to be homeless due to our landlord selling up (and nowhere else big enough to rent for miles and children in local schools etc) it was just a bit stressful for a while there..

Even if the house valuation doesn't come good, there are other houses we can buy, including the one we're in, so the situation is not as dire as it was!