Natwest mortgage via broker

Playitsam

Hi guys,

I wondered if you could offer me some advice? I'm a first time buyer and had my offer on a house accepted at £115k. I have £11,500 for a deposit and using a broker.

I earn £40k a year and have a car loan at approx £248 and about £6k on a credit card.

My broker informed me on Wednesday my mortgage had been accepted with natwest and I paid a broker fee of £299 and a basic mortgage valuation fee of £248.

I spoke to my broker today & I need to take in tomorrow 3 months bank history and wage slips, I was then told my application would go to the underwriter on Monday.

Even though my broker told me I'd been accepted could I still be declined by the underwriter? Just a bit nervous and looking for some friendly advice :-) really love this house :-)

dunstonh

Even though my broker told me I'd been accepted could I still be declined by the underwriter?

Yes.

Just a bit nervous and looking for some friendly advice :

This is what your broker is for and why you are paying them. The hand holding is one of big benefits of using a broker. So, ask him/her.

Playitsam

Thanks for the response :-)

ACG

Youve not been accepted yet.
Your broker has a Decision in Principle which is not a mortgage offer.
Its the first hurdle jumped.

Dan-1987

We went through a broker for our natwest mortgage
We got our aip then did full application sent all documentation etc it was only after underwriting/checks did they ask for the valuation fee,our broker said this was one of the plus points to using them ie they don't take valuation fee before doing the checks but who knows

BaileyMoselle

yes this is correct. I was told after the valuation fee had been taken that providing the valuation was good then the offer would be in the post.

pookied87

Down side to Natwest Still happy to take Valuation Fees with no intention to Lend!

ACG

They underwrite first.
So if they have no intention of lending they would not take the valuation fee.

mplunk

pookied87 wrote: »

Down side to Natwest Still happy to take Valuation Fees with no intention to Lend!

Oh pookie87, bad experience with that?
We're at valuation stage with natwest and I'm worried a bit, because it felt a bit too easy... No requests for further info, nothing like this and this considering we are FTB with 5% deposit, so maybe they already know it's a NO hence not asking for anything else but happy to take survey money

mplunk

ACG wrote: »

They underwrite first.
So if they have no intention of lending they would not take the valuation fee.

ACG so in your experience, if they are doing a valuation it means they will offer a mortgage, unless there's something wrong with the valuation itself?

BaileyMoselle

mplunk wrote: »

Oh pookie87, bad experience with that?
We're at valuation stage with natwest and I'm worried a bit, because it felt a bit too easy... No requests for further info, nothing like this and this considering we are FTB with 5% deposit, so maybe they already know it's a NO hence not asking for anything else but happy to take survey money

No you are stressed and not thinking straight. My broker told me once at valuation you have passed the underwriters. Relax - you are almost there.