Mortgage application time

JDi

Hi

Got a mortgage that went to the underwriters today with all the relevant paperwork that i have sorted myself. The lender is Natwest. How long roughly do you think from experience this may take anyone? I am hoping to get into the home before Xmas as i have 3 weeks off and it would be perfect for getting everything moved and sorted.

The decision in principal was agreed but im unsure as to how well i will meet the lending criteria. I am aiming to borrow £113,400 with a deposit of £12,600 so its 90%. My income is £26,500 gauranteed with regular overtime giving meaning im up nearer £30,000 (minimum of my last 4 P60's has been £30,000).
My credit score is perfect and i have no outstanding debts at all and no dependants or commitments.
The only thing im worried about going against me is that i have my name on another residential mortgage as a joint but this is on a consent to let with a different lender and we make £160p/m from this.

The stamp duty on the new property is a !!!!!! but hey ho!

Does anyone envisage a problem with my application? I know it all depends, i guess its just the same for everyone in that its anxious times wondering if ill be accepted.

Thanks.

csgohan4

Unlikely I would say, take into account searches and conveyancing, while not impossible, it's optimistic at best.

JDi

in regards to the xmas date you mean? My solicitor says that if the mortgage offer is fairly prompt then herself and the other solicitor will do their best to get it through as it is just myself and the seller in the mix.
Its how long the underwriting will take that im thinking about.

What about my financial circumstances, does my application sound likely it will be succesful?

Regards

ACG

You should have an offer next week.
It is cutting it tight, but I think its doable. This week is the cut off week for me, anything after this week and I am telling people it will be the new year unless they instruct the legals before the offer comes through.

We are assuming no issues and solicitors are on the ball.

With regards to the financial situation, I would make sure you send off the CTL paperwork. There is a possibility the underwriters will request it anyway so to save timeget it fired off to them.

JDi

Thankyou ACG

It would be brilliant if it could happen. Solicitors are already talking and searches have started, i know thats a bit of a gamble with the mortgage offer still in the air but i took a bit of confidence from having several mortgage promises come back ok even after mentioning the other mortgage.

I sent CTL confirmation and letting agent statements in with the other stuff as they instructed me so hopefully it will all be good. I will try the mortgage tracker thing on their website but cant imagine its much good. Hopefully, they will be happy with my financial situation and ill get an offer.

ACG

It will take about 3-4 full working days to assess the documents.
They will then instruct the valuation.
48 hours after that, you should get an offer issued.

JDi

Thankyou

Can i ask, from the financial situation i mentioned, does it sound like a reasonable application or am i likely to be turned down, etc?

Regards

ACG

Sorry that should have said 48 hours after the valuation has been carried out (not 48 hours after it is instructed).

It will be down to the underwriter but it sounds like it fits criteria.

JDi

Lets hope he's having a good day!

Cheers

gilroy

If it helps we submitted our docs late last Fri (11/11), the app was made through a broker, so we had already had a hard credit check before AIP.

Natwest did a secondary check with Equifax on the 12/11 and an ID check with Experian on the same day.

The payment for the survey was taken yesterday (16/11) the broker hasn't received confirmation of offer subject to survey yet. From what I have read on here multiple times, the survey payment isn't taken until they are happy with the docs etc. Can anyone confirm thats the case.

Natwest have told the broker today that we can get the survey completed earliest the 21st and they are finalising an internal document of some description.

So, so far things seem to be moving quite quickly.

Newbie78

gilroy wrote: »

If it helps we submitted our docs late last Fri (11/11), the app was made through a broker, so we had already had a hard credit check before AIP.

Natwest did a secondary check with Equifax on the 12/11 and an ID check with Experian on the same day.

The payment for the survey was taken yesterday (16/11) the broker hasn't received confirmation of offer subject to survey yet. From what I have read on here multiple times, the survey payment isn't taken until they are happy with the docs etc. Can anyone confirm thats the case.

Natwest have told the broker today that we can get the survey completed earliest the 21st and they are finalising an internal document of some description.

So, so far things seem to be moving quite quickly.

I think we are on similar timescale, valuation booked in on Monday 21st and its been about a week and a bit so far since the application went in via our broker