NatWest mortgage application process advice

Cj1392

Hi everyone

We applied for a natwest mortgage on Monday via broker, our current mortgage is with NatWest, we bank with them and have about £1000 left on a loan with them that we have paid over 5 years.
We intend to pay off all 13k of our debt on completion and our broker has put this to natwest. 11k of that is credit card debt. They came back to our broker on Tuesday and asked for screenshots of our credit card balances and proof that we have the equity to pay off all debts on completion. We were told today that the valuations have been done but their systems were down for maintainance and we will hear from them by Tuesday. I was surprised the valuation has been done without us knowing or signing anything.

I don’t know NatWest’s application processes. Does this sound like we are doing ok? Would we have been declined by now if we were going to get a simple hell no :rotfl:

Thank you :-)

ACG

Interesting that they are wanting to see screenshots of the balances and evidence of equity. I have never had anything like that with them before and we use them a couple of times a month.

The process sounds right, but the evidence seems unusual.

Cj1392

Thank you for your reply. Oh really? I had always assumed they would need to know we have the means to pay the debt off on completion? Our broker said if we agree that then our debt doesn’t get considered as an outgoing or problem it’s just ignored. I hope im not being mislead. It’s such a confusing process to us we’re just doing as we’re told haha!

kingstreet

The 'funds to repay' evidence requirement is normal.

Asking for screenshots of anything isn't.

They could be trying to get absolutely up-to-date balances I suppose...

ACG

Cj1392 wrote: »

I had always assumed they would need to know we have the means to pay the debt off on completion? Our broker said if we agree that then our debt doesn’t get considered as an outgoing or problem it’s just ignored.

What your broker has said in that if it is cleared it is ignored is correct.
But Natwest do not usually ask for evidence of funds to clear it or evidence of the balances, they would usually go off the figures on the credit report and if close to the figures you have provided then they can see the figures provided are there or there abouts.

Cj1392

Ahhh ok I think I know why then. We have had to pay some funds for moving on our intrest free credit card until next month so they were made aware the balance would be a bit different to the one we gave in the AIP and on our credit report as it’s changed very recently, in the last week to 10 days really. Could this be the reason for the unusual request in info from them? Apparently the valuation and survey have been done and we should have results Monday-Tuesday. Do you have any experience of roughly how long after valuation should offer or... decline :-( be made?
Thank you and sorry for all the questions

kingstreet

ACG wrote: »

But Natwest do not usually ask for evidence of funds to clear it

They have done this on several of our cases recently.

They run affordability with the debt and if it fails they ask for proof of the funds to repay it.

Cj1392

Oh ok that’s good to know it’s normal process for them at the moment then. There’s no way we would have passed the affordability with the debts hence paying them off and having a fresh debt free start. Do you have any experience of how long it is taking them to give a decision at the moment? We applied Monday, valuation was done this week and they said we will have results (I assume valuation and survey) Monday. Thanks :-)

ACG

kingstreet wrote: »

They have done this on several of our cases recently.

They run affordability with the debt and if it fails they ask for proof of the funds to repay it.

Thats interesting. We use Natwest regularly we have never had that. How recent are we talking? I have noticed the last 2-3 weeks Natwest have become harsher on credit scoring applications.

Cj1392

We received our mortgage offer today! 7 days since application! So happy and relieved!!!

kingstreet

ACG wrote: »

Thats interesting. We use Natwest regularly we have never had that. How recent are we talking? I have noticed the last 2-3 weeks Natwest have become harsher on credit scoring applications.

Three in the last couple of months, IIRC.