FTB - Natwest

nik_k

@04brobinson

Our broker submitted our application to NatWest on 16 Sept, valuation fee + admin fee (total £352) was taken by NatWest 17 Sept, valuation appointment notification received 18 Sept.

Application approved subject to valuation 23 Sept, valuation survey undertaken 24 Sept, application fully approved 25 Sept.

Hope this gives you an idea of a recent NatWest timescale!

04brobinson

Thanks for the replies guys, we had news yesterday that the mortgage was approved subject to the valuation, that happened today so I’d imagine we’ll hear about a full offer Monday/Tuesday? Following that it’s just wait for the paperwork to come through the door!

Can’t fault how quickly this has all been progressed though, NatWest seem very efficient with their checking of documents etc!

nik_k

04brobinson wrote: »

Thanks for the replies guys, we had news yesterday that the mortgage was approved subject to the valuation, that happened today so I’d imagine we’ll hear about a full offer Monday/Tuesday? Following that it’s just wait for the paperwork to come through the door!

Can’t fault how quickly this has all been progressed though, NatWest seem very efficient with their checking of documents etc!

Great news! Waiting over the weekend is always the hardest part of it. Should be fine though, our broker was very confident that new builds generally receive decent valuations

04brobinson

Had our mortgage offer through today. Amazing feeling to get past that hurdle!

Hopefully someone will know the answer to this, but our house isn’t due to be finished until June next year. That’s obviously into next years funding for help to buy and having spoken to the developer they’ve only recently (within the last month or so) applied for next years funding. Will we not be able to exchange contracts without an authority to proceed and then authority to exchange? The developer has said to be fair that there’s no issue as it’s them we are waiting on and we have done everything we can do for now.

The other question was around our mortgage offer itself, NatWest have made the offer valid for 6 months, so our offer will expire in April next year. Is it straightforward to get an extension on the offer? Nothing financially will have changed in terms of income and our outgoings will have come down as we’re clearing a couple of things prior to completing.

You’ve all given great help so far so any extra advice would be appreciated!

nik_k

04brobinson wrote: »

Had our mortgage offer through today. Amazing feeling to get past that hurdle!

Hopefully someone will know the answer to this, but our house isn’t due to be finished until June next year. That’s obviously into next years funding for help to buy and having spoken to the developer they’ve only recently (within the last month or so) applied for next years funding. Will we not be able to exchange contracts without an authority to proceed and then authority to exchange? The developer has said to be fair that there’s no issue as it’s them we are waiting on and we have done everything we can do for now.

The other question was around our mortgage offer itself, NatWest have made the offer valid for 6 months, so our offer will expire in April next year. Is it straightforward to get an extension on the offer? Nothing financially will have changed in terms of income and our outgoings will have come down as we’re clearing a couple of things prior to completing.

You’ve all given great help so far so any extra advice would be appreciated!

Congratulations on getting your mortgage offer! :j

Maybe I've misunderstood you, but you've received the offer before getting your ATP? I'm pretty sure that in our case our broker needed the ATP before being able to secure a mortgage offer. Perhaps I'm wrong.

As for the ATE, by definition you won't be able to exchange until this is received.

An extension to the mortgage offer requires a new credit check I believe. However, if financially you're going to be a bit better off by then, I don't see any reason why you wouldn't sail through that.

The only other thing that comes to mind is that you'd require a new valuation, as they're valid for 6 months (or at least ours was).

kingstreet

04brobinson wrote: »

Had our mortgage offer through today. Amazing feeling to get past that hurdle!

Hopefully someone will know the answer to this, but our house isn’t due to be finished until June next year. That’s obviously into next years funding for help to buy and having spoken to the developer they’ve only recently (within the last month or so) applied for next years funding. Will we not be able to exchange contracts without an authority to proceed and then authority to exchange? The developer has said to be fair that there’s no issue as it’s them we are waiting on and we have done everything we can do for now.

The other question was around our mortgage offer itself, NatWest have made the offer valid for 6 months, so our offer will expire in April next year. Is it straightforward to get an extension on the offer? Nothing financially will have changed in terms of income and our outgoings will have come down as we’re clearing a couple of things prior to completing.

You’ve all given great help so far so any extra advice would be appreciated!

No, you can't exchange without an ATP and ATE.

NatWest offers are six plus six, so can be easily extended when necessary.

04brobinson

Thanks both.

Out of interest then Kingstreet, in your experience have you ever seen an issue in getting funding for the next financial year from the government scheme as it seemed almost unconsidered until our broker mentioned to us it would be in next years funding and therefore the ATP/ATE would have to wait?

The developer is Stewart Milne if that helps?

Thanks for the info around the NatWest mortgage extension.

[Deleted User]

nik_k wrote: »

Maybe I've misunderstood you, but you've received the offer before getting your ATP? I'm pretty sure that in our case our broker needed the ATP before being able to secure a mortgage offer. Perhaps I'm wrong

Depends on the lender and the brokerage. Most lenders have dropped ATP as a requirement but a lot of mortgage networks and compliance departments need an ATP on file dated prior to a mortgage application. My last network didnt care, my current on does.

kingstreet

04brobinson wrote: »

Out of interest then Kingstreet, in your experience have you ever seen an issue in getting funding for the next financial year from the government scheme as it seemed almost unconsidered until our broker mentioned to us it would be in next years funding and therefore the ATP/ATE would have to wait?

Most developers are doing their funding requests for next year round about now. It wouldn't be the first time a developer has put March 2020 as the completion date to avoid having to wait knoweing they would have to ask for an extension to the ATE/completion.

Gemma3378

Hi our full application went in on Tuesday via our mortgage advisor, accepted subject to wage slips, bank statements and husband tax calculations for last 2 years. Only problem is my bank statements have a couple of missed DD payments, will this be a definite decline? Husband banks with Natwest so doesn't need to provide his.