Natwest mortgage via broker question

JessicaRaaRaa

Can any of you lovely mortgage advisors help?

We applied for our new build mortgage via a broker. They recommended Natwest based on affordability due to our childcare vouchers.

We got our offer in principle and applied for the mortgage. The valuation was booked and carried out pretty quickly, a week from applying. I read that Natwest do valuation and underwritting at same time. We followed up with broker as not heard anything and told Natwest offered us less than we needed... so fair enough we proceeded with another lender. We havent been told why we were offered less

My question is does natwest take childcare into account. Application was in oct 18
On Natwests website it says valuation fees are refunded if they do not lend amount required or offer declined due to affordability.
I dont seem to have a key facts sheets for natwest just another document which is similar but doesnt mention refund.
At our meeting advisor did state not refundable after a point but i assumed he meant if we changed our minds.
Could Natwest have different products they offer to brokers in terms of the valuation fee?
Not regarding natwest but...
Realistically is 3 weeks to submit an application after an offer in principle normal? This is not a small broker.

I appreciate your advice.

ACG

The valuation fee would only be refunded if it has not been carried out. If it has been carried out, there would be no refund.

If the reason they reduced the maximum loan was due to childcare vouchers, the broker should probably be refunding the fee to you personally. Unless you have lied/withheld information, there is no reason a mortgage should be reduced to affordability reasons, which means its the brokers mistake more often than not.

kingstreet

NatWest started counting childcare costs about 20 September.

JessicaRaaRaa

Thank you both. That date for childcare explains alot as our first advice was close to then.

Regarding valuation fee i was expecting it lost but on the Natwest Intermediaries website under valuation it states

"Valuations: day one instruction

We are now instructing valuations on day one for all residential and buy-to-let purchase mortgages and remortgages for £499,999 or less. This will enable the underwriting and valuation processes to run in parallel, reducing the time a customer has to wait for an offer. We will provide customers with a full refund if their applications are declined on the grounds of affordability or credit scoring or where we cannot lend the full amount requested due to affordability issues."

So i am confused what to do.

ACG

kingstreet wrote: »

NatWest started counting childcare costs about 20 September.

Finally, a mistake. Your slipping :rotfl:
20th August.

kingstreet

ACG wrote: »

Finally, a mistake. Your slipping :rotfl:
20th August.

Yeah. Someone told me September, then decided it was August after I went out.

ACG

If thats the worst they say when you go out the room, your doing alright.

I only went to check because I thought 20th September was a little late. If you would have said maybe the 5th, I would have taken your word on it.

amnblog

kingstreet wrote: »

Yeah. Someone told me September, then decided it was August after I went out.

It’s like Broker Xmas!

I now know you are not an algorithm