Natwest Mortgage Advice

ncfc1980

Hi all,

I'm new here so please bare with me.

So, I completed a mortgage application with Natwest, via a broker, last Saturday. The broker advised me that is it is a 95% mortgage (HTB) it would obviously go for full underwriting. He also stated to me that I had to provide payment card details in order for the survey fee to be taken. However he assured me that the valuation fee would not be taken at this stage, but a £1 payment could well be taken to prove authenticity of card. He obviously informed me the underwriting would take at least a week.

I've just checked my current account and seen the survey fee has been taken, but I'm yet to hear if the application is successful or not. As my broker isn't available to discuss at this time of night, I contacted Natwest direct. I said to them my broker had informed me the fee wouldn't be taken unless the application was approved, and did the fact that it had been taken mean that my application has been successful.

The guy I spoke with said, that from what he could see the application was still pending with the underwriters and it was not unusual for the survey fee to be taken prior to full approval. However what he couldn't advise, and the underwriter is only available in office hours, was whether the application is all but approved subject to an agreeable valuation.

What do the experts on here reckon, is it reasonable to assume that if there was a significant problem they wouldn't take the valuation fee, and the application is likely to be approved?

Any advice, greatly appreciated.

Thanks

Landofwood

All mortgage applications are underwritten.

Yes with Natwest the valuation fee going out is a very positive indicator.

ACG

The valuation fee is taken on application.
Its not really a positive sign as such, other than you have passed the initial credit check. I would personally not read in to it too much at this stage.

roje

My valuation fee was only taken when the mortgage was approved subject to valuation, my broker said that with natwest this normally means that the main hurdles are crossed and if the valuation is okay the offer will be issued. In my case, he was correct.

Landofwood

ACG wrote: »

The valuation fee is taken on application.
Its not really a positive sign as such, other than you have passed the initial credit check. I would personally not read in to it too much at this stage.

Natwest take the survey fee after underwriting don't they?

ACG

I stand corrected. I have just checked with Natwest...

The val fee would be taken after intial underwrite

I think I have confused myself as they take the card details during the application process.

Sauvignon_Blanc

Our valuation fee was taken once our application was approved subject to valuation. Valuation took place 3 days later. It all looks good for you.

ncfc1980

Thanks for all the advice. I spoke to Natwest again on Friday and they confirmed the same.

The odd thing is, my mum is gifting me some of the deposit, and they haven't asked to see a gift letter. Although I have one completed and signed.

Landofwood

ncfc1980 wrote: »

Thanks for all the advice. I spoke to Natwest again on Friday and they confirmed the same.

The odd thing is, my mum is gifting me some of the deposit, and they haven't asked to see a gift letter. Although I have one completed and signed.

Your solicitor may verify source of funds on behalf of the lender. Sometimes this doesn't happen at all.

Thrugelmir

ncfc1980 wrote: »

The odd thing is, my mum is gifting me some of the deposit, and they haven't asked to see a gift letter. Although I have one completed and signed.

Solicitor will handle the source of the deposit etc on behalf of the lender.

amnblog

Lenders often do not ask for proof of address where deposit is 10% or under.

This does not mean that the solicitor will not ask for proof of address.