Natwest Self employed??

amnblog

Nat West ask for this in relation to Self Employed Income and CV19
A fully completed Supplementary Self Employed checklist and all documents detailed. A memo explaining the customers circumstances in relation to their ongoing earning capacity and details (if applicable) of any changes to this caused by Covid 19. Cases with incomplete documentation uploaded on submission will not be underwritten and will be lapsed.
The SSE Checklist gathers details on individual circumstances:
This puts the applicant in one of three scenarios:

• Scenario 1: Unaffected
• Scenario 2: Reduction in SE income but receiving additional income
• Scenario 3: Using SEISS

They also what to know:

• Your business sector
• What changes in the business
• Future expected changes
• Financial Support Applied for
• Details of any other capital accessed

None of this is unexpected for a lending business making commercial decisions.

anonymouse2202

amnblog said:

Nat West ask for this in relation to Self Employed Income and CV19
A fully completed Supplementary Self Employed checklist and all documents detailed. A memo explaining the customers circumstances in relation to their ongoing earning capacity and details (if applicable) of any changes to this caused by Covid 19. Cases with incomplete documentation uploaded on submission will not be underwritten and will be lapsed.
The SSE Checklist gathers details on individual circumstances:
This puts the applicant in one of three scenarios:

• Scenario 1: Unaffected
• Scenario 2: Reduction in SE income but receiving additional income
• Scenario 3: Using SEISS

They also what to know:

• Your business sector
• What changes in the business
• Future expected changes
• Financial Support Applied for
• Details of any other capital accessed

None of this is unexpected for a lending business making commercial decisions.

Thanks amnblog. Wish you'd been our broker first time around!
Do you have any experience about how Scenarios 2 and 3 are being viewed by the lenders? I'm employed and my partner is self-employed and got one of those government grants. Very worried we'll get rejected because of it

skinnymonkey

Warning to all self employed NatWest mortgage applications... We started the process way before lock down. Offer in principle which webased our house search on and had an offer accepted on our dream home. May 20the survey. Absolute mess of application adminstration wise. Asked for more bank statements, and payslips, and I was able to give SA302 for 19/20. 5 weeks ago they suggested as the application was in such a mess we should withdraw and resubmit. Today i have my mortgage offer, less 55k as they are only considering SSEIS from government as income, despite giving a statement of earnings to date and work booked in until Christmas... Why ask for this info if you aren't going to consider? My broker has stated that they aren't going to consider any self employed mortgages... I hope that this isn't true for all of you.... But just a word of warning. Our LTV is 50%. 

csgohan4

skinnymonkey said:

Warning to all self employed NatWest mortgage applications... We started the process way before lock down. Offer in principle which webased our house search on and had an offer accepted on our dream home. May 20the survey. Absolute mess of application adminstration wise. Asked for more bank statements, and payslips, and I was able to give SA302 for 19/20. 5 weeks ago they suggested as the application was in such a mess we should withdraw and resubmit. Today i have my mortgage offer, less 55k as they are only considering SSEIS from government as income, despite giving a statement of earnings to date and work booked in until Christmas... Why ask for this info if you aren't going to consider? My broker has stated that they aren't going to consider any self employed mortgages... I hope that this isn't true for all of you.... But just a word of warning. Our LTV is 50%. 

As mentioned previously, these are different times and lenders have tightened criteria to reflect current risk, not everyone who is self employed will have reduce mortgage offers. More likely your individual circumstances and mixture with criteria or place your buying.  Things are taking longer too, i got my mortgage offer after 6 weeks as a self employed as well. 

skinnymonkey

csgohan4 said:

skinnymonkey said:

Warning to all self employed NatWest mortgage applications... We started the process way before lock down. Offer in principle which webased our house search on and had an offer accepted on our dream home. May 20the survey. Absolute mess of application adminstration wise. Asked for more bank statements, and payslips, and I was able to give SA302 for 19/20. 5 weeks ago they suggested as the application was in such a mess we should withdraw and resubmit. Today i have my mortgage offer, less 55k as they are only considering SSEIS from government as income, despite giving a statement of earnings to date and work booked in until Christmas... Why ask for this info if you aren't going to consider? My broker has stated that they aren't going to consider any self employed mortgages... I hope that this isn't true for all of you.... But just a word of warning. Our LTV is 50%. 

As mentioned previously, these are different times and lenders have tightened criteria to reflect current risk, not everyone who is self employed will have reduce mortgage offers. More likely your individual circumstances and mixture with criteria or place your buying.  Things are taking longer too, i got my mortgage offer after 6 weeks as a self employed as well. 

We can't fit scenario 3 as been working, receiving income, and SSEIS. The house is in a village and rarer the rocking horse poo and unaffected by market fluctuations, my income (full-time employment for local authority) has gone up since initial agreement in principle as has my self employed partners. Computer says otherwise

[Deleted User]

We r also self employed and employed and we applied 22nd June ,15/07 they asked last 3 months bank statements (husband, he’s self employed) . But he started work three weeks ago  . Let’s see . We didn’t get any valuation instruction (Halifax) . If any one same situation please update it here 

330d

Update: Finally we got out mortgage offer through so we are very relieved.

In total, it took 6 weeks and as expected Natwest where being very thorough and asking plenty of information on our self employed part. At one stage, they were going through the business bank statements line by line questioning certain items. 

The weird part is, our income has not changed because of Covid but yet they were being so thorough. At one stage, our broker said if they dont give us an offer, Natwest will not give any self employed an offer!

Good luck to everyone else. 

slcreaser

Application with Natwest. Still waiting for offer 9 weeks on.  Valuation report 3 weeks ago.  Both self employed/freelance but with income increasing all the time.  Dont know why Natwest are being so strict with self-employed.  Not even full time employed jobs are future safe??

anonymouse2202

330d said:

Update: Finally we got out mortgage offer through so we are very relieved.

In total, it took 6 weeks and as expected Natwest where being very thorough and asking plenty of information on our self employed part. At one stage, they were going through the business bank statements line by line questioning certain items. 

The weird part is, our income has not changed because of Covid but yet they were being so thorough. At one stage, our broker said if they dont give us an offer, Natwest will not give any self employed an offer!

Good luck to everyone else. 

Belated congratulations! Hope that everything is nice and stress free for you guys. 

Yeah we are still waiting for ours too. It’s been 5 weeks since they got the valuation report...

Tuesday1510

I am employed and my partner is self-employed. Have accounts dating back 15 years for him. Last 3 years have gone up in profit by about 6k a year. Natwest declined as he took 11 weeks out during lockdown as we live with a vulnerable person atm. He took the SEISS grant, showed them all the paperwork for that, and also sent them contracts of work until next Spring as well as an official accountants business forecast stating income should be the same roughly as last year. Still declined. Good luck with natwest.