Mortgage application

rijack

To start, and to be clear: I know that a lender can change their mind at any point up to when you complete, meaning there are never guarantees.

I had a question relating to the process. We are FTB and our application for mortgage is with Natwest.

It's been a fairly smooth process so far, evidence has been provided, credit check passed. On Friday the valuation report was received by Natwest and on their website it says they typically make an offer within 48 hours which sounded very promising, but then late last night we were faced with extra queries around affordability etc.

Could this just be the last final checks that someone is doing over the work already performed before the potential offer? Or would they only assess affordability properly once the valuation is back? What we thought was going really smoothly has us feeling slightly sick as we are quite far into the process of buying a new build, solicitor has applied for searches etc. etc. and now further questions are being raised after it looked like it was going swimmingly to begin with..

Additional info: We are using HTB, we provided ATP. They accidentally took HTB off the application when processing or something so we had to clarify we were in fact using HTB and had already provided ATP.. I'm wondering if something like this may have kicked it back a stage...

lb001

I'm in the same boat.

Timeline for me is
18th- submitted natwest DIP through a broker, DIP approved.
19th- full application submitted. I bank with rbs and was only asked for 3 months payslips. A hard and soft search are on my credit report from the 19th.

21st asked to provide 3 more months payslips, proof of address and proof of ID and proof of deposit
23rd-all of the above submitted
25th- asked for 3 months bank statements and a copy of the home report (I'm in Scotland)
28th- tracker shows as valuation instructed (strange as I'm in Scotland so the home report has been completed by the seller)
29th- called to ask about the valuation and the woman advised a transcript date was missing, provided the dates from the home report and advised my broker had submitted the home report.

Hopefully we hear back soon as I'm constantly on edge wanting to hear back. Im pretty much in the same boat as you but not HTB however I am a first time buyer

Thrugelmir

rijack wrote: »

but then late last night we were faced with extra queries around affordability etc.

Everbody's financial circumstances differ. Underwriting is a thorough process with double checks.

rijack

This is true. I guess it could be nothing to worry about in the sense that someone has to check over the application.

I just got asked late this afternoon to provide some additional payslips showing last two years bonus payments. According to them it’s the last thing so fingers crossed they process them quickly and we are good to go.

Praying we get the go ahead..