Natwest mortgage via broker

kingstreet

I have a Nationwide mortgage application in front of me for a NatWest branch mortgage advisor.

Go figure, huh.

toddler9

kingstreet wrote: »

I have a Nationwide mortgage application in front of me for a NatWest branch mortgage advisor.

Go figure, huh.

Ha that made me laugh.

In fairness to Natwest they have always been very helpful to us, last time we bought a house we had a bit of a nightmare with surveys etc but Natwest were great. They were easy to contact via phone and didn't seem "secretive" at all which I liked. If they wanted info or had questions they seem quite forthcoming (unlike YBS!)
We were first time buyers and we completed in 6 weeks in the end. I bank with them but I went through the application on the phone at that time, it took about 1 hour and then we had the valuation done a few days later. After that it was a case of "let us know when you want the money".

cat1984

toddler9 wrote: »

I don't know if helps but I have a very good relationship with my local Natwest in branch mortgage adviser. We had a meeting recently about moving house and porting the mortgage with a slight increase. She said whilst underwriters are strict if you are 100% truthful in the application then it won't be declined. She said the only cases she has ever had declined are where the person has lied/missed information out.

She even showed me the "stress tests! they do on your income/ interest rates on the system. So long as you have £1 or more after being stress tested then the application is accepted. Obviously if you lied about some CCJ or bankruptcy that would show on the credit report and it would be declined

As Tarragondragon, my husband and I provided everything to our broker truthfully. I don't see the point in lying. Surely it would only catch up with you.


I guess what makes it difficult is not knowing whether anything was missed out by the broker is considered by Natwest underwriters. For example, I explained my credit rating wasn't perfect (although didn't explain in great detail as I wasn't asked - some missed £7 payments back in 2007 and 2011).


Salaries, debt, loan car everything was declared.. I guess my panic is that no one asked about my monthly bills i.e. gym, phone contract etc. Maybe that isn't so important is you have been paying it with no problems for years and years??


Its all very daunting the waiting game doesn't help the process.

kingstreet

As as has been said repeatedly, many lenders use Office Of National Statistics (ONS) figures to work out what people spend so they don't need chapter and verse.

If it was needed by that lender, the broker would ask for it.

The garbage spouted in the press last April about only eating baked beans for three months if you want a mortgage was exactly that.

Garbage.

lizards

All that media fuss over needing to declare the dress you bought two months ago or whatever and likewise - nobody asked. Just handed over our 3 months bank statements (which were not, uh, entirely devoid of frivolous spending due to needing a mortgage in a hurry!) and NatWest said nothing about it and approved the mortgage! This was through a broker which many have made a difference, but aside from questions about the expected childcare/loans etc, nothing more than that.

We also had to send in an extra payslip from last March presumably for them to compare against the P60 or something. That added a few days on.

Good luck to all waiting. We got our formal mortgage offer in the post 6 days ago - the valuation seemed to take a while to actually happen once we were approved but it all got there in the end. Almost exactly a month from full application to letter on our doorstep.

kingstreet

If you want a lender to take an item of income into account, it may be evidenced in different ways.

As an example, if it's an annual bonus, expect to be asked for the payslip showing it in the last year and the same for the year before and use the lowest figure.

As an example, if you got a £5,000 bonus in December 2014 and a £3,000 bonus in December 2013, enter the £3,000 in the bonus box and expect to be asked for the two payslips which show those bonus payments.

However, and I am going to shout this;-

DO NOT ENTER INCOME IF YOU DO NOT NEED IT FOR AFFORDABILITY FOR THE AMOUNT YOU WANT TO BORROW. IF YOUR BASIC INCOME IS ENOUGH, YOU MAY GET AWAY WITH ONLY PROVIDING ONE MONTH'S PAYSLIP. DON'T SHOOT YOURSELF IN THE FOOT PROVIDING STUFF WHICH ISN'T NEEDED!

cat1984

kingstreet wrote: »

As as has been said repeatedly, many lenders use Office Of National Statistics (ONS) figures to work out what people spend so they don't need chapter and verse.

If it was needed by that lender, the broker would ask for it.

The garbage spouted in the press last April about only eating baked beans for three months if you want a mortgage was exactly that.

Garbage.

More fool me really but I think reading such garbage is what's left me so panicky about the whole situation.

It makes you question everything you said and did in the build up to the application, whether you missed anything else, wether you told th enough, whether you shared too much. It's very easy to get yourself in a state with it all.

Hearing this from you does make me feel slightly better about th situation mind.

I never did hear back from my broker but I guess I'll just have to wait another day and hope no news is good news.

Can I ask on last question?? The debt details I provided may have been short of £100 (my credit expert account wasn't up to date). In addition, my report is showing credit which has been made off £600 but again hasn't yet been applied to my credit report). Could that throw up issues? Unfortunately although i knew about the payroll info not being up to date and provided them with a letter from th council, I didn't know about these details until only a few days back.

kingstreet

No.

You have to remember;-

there are three different credit reference agencies (CRAs)

mortgage lenders take data from different ones

credit providers feed data to different ones

credit providers feed data on different dates

credit reference agencies update data on different dates

mortgage lenders take updates from CRAs on different dates.

So, you would have to have a credit provider which instantly updates the one credit reference agency which supplies data to your lender which also takes instant updates each day from the CRA.

Realistically, the level of micro-management people are trying to employ on here, just isn't required.

In 99% of cases, if you can afford it and you have no adverse credit, you'll be accepted.

cat1984

Thanks kingstreet. Thanks a lot

Tarragondragon

kingstreet wrote: »

No.

You have to remember;-

there are three different credit reference agencies (CRAs)

mortgage lenders take data from different ones

credit providers feed data to different ones

credit providers feed data on different dates

credit reference agencies update data on different dates

mortgage lenders take updates from CRAs on different dates.

So, you would have to have a credit provider which instantly updates the one credit reference agency which supplies data to your lender which also takes instant updates each day from the CRA.

Realistically, the level of micro-management people are trying to employ on here, just isn't required.

In 99% of cases, if you can afford it and you have no adverse credit, you'll be accepted.

Thanks for being the voice of reason, waiting seems to drive us mortgage muggles crazy :rotfl: