Natwest Mortgage Application Help!

funkyfin2000

Hi All,


I'm looking to get a Natwest 75% LTV mortgage using 15% deposit and 10% Help to Buy.


I've been through the AIP process (is this the same as a DIP??) and they have agreed based on the accurate information given and asked for that they will loan over and above the amount we require (we require £238k - they have offered upto £315k!)


We think we have found the new build property we are after (not built for another 6 months) and have my firm of solicitors lined up (but not instructed yet) and I am now very nervous about doing the Mortgage application.


At what point should I go through the full application - we are pretty definite on the house but don't want to instruct solicitors etc and incur costs before doing the mortgage application.


Are we OK to go through with the application online and then see if it all goes through before instructing the solicitors and Taylor Wimpey we want to buy the house - at least to get it through to valuation stage.


What makes me a little nervous is that all the other mortgage companies have given us a lot less in affordability than what we need (I believe because most of them take fully into consideration the childcare costs we have) whereas Natwest have asked for them for the AIP but didn't ask for anything else like Council Tax, any permanent outgoings like savings or dentist plans for example.


The AIP was quite vague so it's making me nervous that I don't want to look stupid putting an offer in for the house if we don't think we will get the mortgage as Natwest appears to be our only option.


Any thoughts or help would be grateful, this is our 3rd house but I've just lost all thoughts and sanity on how we did it before!


Cheers


Rich

funkyfin2000

I thought I'd just add to this and say, I'm the bread winner with a large (ish!) salary and my wife works part time with a smallish salary. We have no loans or debt bar two cars on lease. We have no credit cards or other debt at all so think we should be in a fairly decent scenario but of course you never know with banks and underwriters!

GoldenShadow

When we did our Natwest app via a broker, the AIP was done using our net monthly pay so all student loans and pensions were already out. Then for the proper app they wanted three months of bank statements each, so perhaps this is the point Natwest look more closely at outgoings?

We were approved pending valuation which we are yet to hear back from. We were told by AIP we could borrow 225K and only want 167K. Based on joint salaries of 53K. No loans bar student one, no balances on CCs or car leases or anything. So ours was probably quite straight forward, but because I've not been in my job long and am on a FTC we went via broker who chose Natwest as a good fit.

Hopefully someone who knows more will be along soon.