FTB - Natwest

04brobinson

Hi all,

Been lurking for some time and if I’m honest I’m probably just after the same reassurances most people are.

We’ve just applied through a broker for our first home with NatWest. First time buyers, 26 and 23, purchase price of £324,950, 5% deposit of £16,250 and 20% help to buy equity loan of £65,000, there’s also a builders incentive of £2000 toward the deposit for the other half being an NHS worker.

We had our NatWest DIP done through a broker (I know this matters as it’s a hard search instead of a soft) and it came back approved with lending up to £318,000. This seems very generous from NatWest and far beyond our required amount of around £241,500. Our combined basic incomes are just shy of £65,000, however my girlfriend has very consistent overtime income with 6 months payslips taking us just under £73,000 combined.

Our combined outgoings come to £1181 before any ONS figures are removed from affordability and before the 3% of the equity loan which I know is put toward the affordability calcs. No late payments, defaults or over limits ever but we have used and FULLY paid for our fair share of credit cards, car finance etc over time.

Based on this and based on the hard checked DIP would you say we’re in a good position? It’s probably the most stressful experience of my life and I know our broker is doing their job but any experiences from others would be great!

Cheers

ACG

You will be fine.
Ideal applicants, saved deposit, good jobs, good income.

04brobinson

ACG, one of the people I was hoping would pop up!

Should have mentioned, the deposit was gifted, unbelievably kindly from my parents and my girlfriends grandparents. Is this any kind of issue?

In your experience are broker led DIP’s more reliable than the consumer facing NatWest page?

You mortgage brokers must have ice in your veins, I haven’t slept properly for a good few days now.

ACG

Dont worry you will be fine regardless of the deposit.

Broker DIPs are more accurate through brokers with Natwest I think. The natwest dip for brokers is a hard footprint, customer facing is a soft footprint.

I think we have a 100% record of application to offer with Natwest, so they tend to be quite reliable in my experience.

04brobinson

Thanks ACG. I’ll keep everything crossed. The application went in on Friday afternoon (around 4pm), we haven’t seen the valuation fee go out yet which I thought was fairly instant. Is this just down to their processing time or something else?

ACG

Im not sure when the money leaves to be honest. A lot of Natwest products have free valuations at the minute, are you sure its not a free val?

I think it will be wednesday before you hear anything, last I heard was 3 working days to assess applications.

04brobinson

I’ll be honest I’m not sure? We were asked to provide card details at the point of application and were told to expect to pay £352, so we gave the account details and got the money in place.

Fair enough. 3 days sounds so reasonable with a rational head on but it’s just constant worry!

Thanks for your help. Will keep this miniature thread updated with what information I have 🙂

[Deleted User]

The broker system is slightly separate to the main natwest one although we log in to their website to do it.

This means that when a broker submits an application it has to be rekeyed on to thr natwest system. It doesn't affect any decisions or anything but does build in a day or 2 delay.

That would explain why the funds haven't left your account yet. They do day1 vals but only on the day they actually key the application on their system

04brobinson

Thanks Deleted_User, this actually makes perfect sense now as our broker said today that it would have to be rekeyed by NatWest either today or tomorrow onto their system.

I’ll just have to sit tight and hope for the best. Thanks though to both of you. It’s such a stressful time for us mortals and I’m sure you guys are so used to it!

ACG

Sounds like it is a product with a val fee. Im sure it will come out soon enough.

04brobinson wrote: »

Fair enough. 3 days sounds so reasonable with a rational head on but it’s just constant worry!

Thats why I thought I would let you know it is unlikely to be tomorrow. Hopefully you can put it to the back of your mind and not be checking your phone/email every 30 seconds.

rosieflowers

Hi 04brobinson.

You sound pretty similar to us, we're also in our twenties with combined salaries of £70k. We recently bought with Natwest. We had a 10% deposit of £31,800 and got a mortgage of £286,200.

The max they would have lent us was £333k but we have very minor outgoings - only £50 on phones between us, no car finance, no outstanding balances on credit cards/ overdrafts etc. It's an old house we've bought so no equity loan to consider, but £318k doesn't sound unreasonable compared to what we were offered.

Our timeline may be different to yours as you're buying a newbuild but with Natwest things went very quickly, it was the conveyancing that dragged on. Our timeline was

25/07 - Application submitted via MA
26/07 - L&G email to confirm they've booked the valuation survey for 08/08
30/07 - application approved subject to valuation
08/08 - valuation takes place
09/08 - mortgage approved! Offer of loan received

All the conveyancing takes place and we finally got the keys last Monday 30/09 - amazing feeling and totally in love with our property (and all it's quirks!).

I know these forums are invaluable for informing yourself and allaying any worries during the process, however from the info you've given here sounds like you will be absolutely fine, best of luck!