NatWest BTL Remortgage Timelines

mane1034

Background:

- Remortgaging my current residential property as BTL
- AIP was done by MB weeks ago and went through fine with NatWest
- Full application submitted last week

Any idea timelines for NatWest and their process for BTL re-mortgage application?

Thanks

mrstick

We applied through our broker on 11th May, finally got our offer through on the 3rd.

Apparently they've been a bit behind recently.

Our application was fairly straightforward apart from having to provide a letter from my wife detailing when she would be starting back at work after maternity leave and what her hours and salary would be etc.

mane1034

Thanks for the reply.

So it took them around two months for the offer only. So completion was on top of that.

How is their valuation process? I am also concerned what if they undervalued my property?

At what stage they involve their solicitor as I am using their solicitor for buy to let side a it comes part of the mortgage product?

kingstreet

mane1034 wrote: »

How is their valuation process? I am also concerned what if they undervalued my property?

At what stage they involve their solicitor as I am using their solicitor for buy to let side a it comes part of the mortgage product?

A surveyor will inspect the property and value it and its rental potential.

Solicitor not instructed until offer issued, IIRC.

mane1034

kingstreet wrote: »

A surveyor will inspect the property and value it and its rental potential.

Solicitor not instructed until offer issued, IIRC.

Thanks ....

For my purchase side of new property we applied for mortgage through Halifax and they instructed valuation after 24 hours of application. I think NatWest process is different.

However, 2 months for mortgage approval is long long time?

mrstick

kingstreet wrote: »

A surveyor will inspect the property and value it and its rental potential.

Solicitor not instructed until offer issued, IIRC.

mane1034 wrote: »

Thanks for the reply.

So it took them around two months for the offer only. So completion was on top of that.

How is their valuation process? I am also concerned what if they undervalued my property?

At what stage they involve their solicitor as I am using their solicitor for buy to let side a it comes part of the mortgage product?

In my case, Optima Legal were instructed by NatWest very early in the process, about a week after the application went in, they were then waiting 32 days between receiving the mortgage deed back from me and receiving the offer from NatWest. I am led to believe that this is not the normal order that they do things, however.

In our case, the valuation was done on the 3rd June, so that was pretty much half way through the (still not complete) whole process.