Natwest FTB advice

FTBin2020

Hi all,
My partner and I are both FTB going through a mortgage application with Natwest VIA a brooker (75% mortgage as using help to buy equity loan from govt).
Our timeline so far:
31/07 - DIP by Brooker Accepted
05/08 - Full application submitted
12/08 - Payslips requested and sent
14/08 - Valuation requested and booked for 24th August
17/08 - Payslip marked as success on tracker. Proof of gifted deposit and confirmation of our monthly loan payments requested. (had already sent to brooker at start of process so they sent over straight away).

So, my question is, do you believe Natwest will ask for bank statements next? I was under the impression that these would definitely be requested, however they haven't been yet! Slightly confused as to why they'd wait to request bank statements as each time they request something we have to wait a further 2 working days for a response. Just wondering whether anyone has had a similar experience to this?

Also - if any FTB have recently gone through the process with Natwest, how long did it take?

Many thanks

msfaye

We’re FTBs with NatWest as well, borrowing 66%. But we only submitted our application through broker on 14/08 and haven’t heard any update yet. We submitted everything to the broker (payslip and bank statement), but not sure if the broker had submitted all of them. 

FTBin2020

msfaye said:

We’re FTBs with NatWest as well, borrowing 66%. But we only submitted our application through broker on 14/08 and haven’t heard any update yet. We submitted everything to the broker (payslip and bank statement), but not sure if the broker had submitted all of them. 

Ahh, so good to see someone else is in a similar boat! Our brooker submitted ours on the 5th, but we didn't really hear anything/ the tracker start working until the 14th. We also sent our payslips and bank statements to our brooker at the start - I think they request to have these out of ease so they can send over things whenever it's requested. However, I'm slightly worried they'll request bank statements after they review the proof of our gifted deposits as it'll push everything back a further 2 working days! 

msfaye

That is quite weird and time wasting, I thought it’d be much easier for the lenders to just have all the docs they might need in the first place so they don’t need to request later. 

But I just got the reference number from broker, and have got some updates on tracker: 
13/08 application submitted by broker
14/08 reviewing ID x 2 people, payslips x 2; bank statements x 2 
17/08 valuation instructed (not sure if it means they have booked a date for valuation as no date has been shown?) 

FTBin2020

msfaye said:

That is quite weird and time wasting, I thought it’d be much easier for the lenders to just have all the docs they might need in the first place so they don’t need to request later. 

But I just got the reference number from broker, and have got some updates on tracker: 
13/08 application submitted by broker
14/08 reviewing ID x 2 people, payslips x 2; bank statements x 2 
17/08 valuation instructed (not sure if it means they have booked a date for valuation as no date has been shown?) 

Exactly, that's what I thought... Only time will tell I suppose. I've just reviewed our tracker and it said the following:
- We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. (This have a completed tick)
- 14/08 A valuation has been instructed and we are now awaiting your client's survey report. (We received a call from our housing development today to confirm they had been contacted and the valuation is booked for 24th)
-17/08 We are pleased to confirm that we have received the information sent on behalf of your client. We are reviewing this and will contact you if we need any further information. (Confirmation of deposit that brooker sent over today)

Good that you can see that already on the tracker, at least its reassuring to know that everything is in the works. Please keep me updated!

Pugtown

Hi
We are FTB and got our offer from Natwest last week which took 5 weeks from date of application. We are 25% deposit and went through a broker. However my wife is self-employed which means our application was considered 'complex' and therefore were told by our broker it would take longer than a more straight forward case.
Good luck with your application and just try and be patient although I know how tough that can be. Also I'm not sure how accurate/useful the mortgage tracker tool is and I would suggest just getting updates direct from your broker.

FTBin2020

Pugtown said:

Hi
We are FTB and got our offer from Natwest last week which took 5 weeks from date of application. We are 25% deposit and went through a broker. However my wife is self-employed which means our application was considered 'complex' and therefore were told by our broker it would take longer than a more straight forward case.
Good luck with your application and just try and be patient although I know how tough that can be. Also I'm not sure how accurate/useful the mortgage tracker tool is and I would suggest just getting updates direct from your broker.

Hi,

Great to hear that although your case was considered 'complex' it still went all through within 5 weeks! Congratulations.

Thank you for your response, hopefully we get some good news too, eventually!

FTBin2020

Just an update  - Today we were told everything has been approved subject to valuation! No bank statements were required!

msfaye

Wow congrats!!! I have some updates today - my docs are all marked as checked, so we might hear back soon. Only thing is we still don’t know if they’re gonna carry out a validation at the property, as no date has booked yet. Our broker said they might decide to do a desktop valuation in the end. Does the valuation date show on your tracker? 

Pugtown

msfaye said:

Wow congrats!!! I have some updates today - my docs are all marked as checked, so we might hear back soon. Only thing is we still don’t know if they’re gonna carry out a validation at the property, as no date has booked yet. Our broker said they might decide to do a desktop valuation in the end. Does the valuation date show on your tracker? 

My understanding with Natwest at the moment is that they are only doing physical valuations if the property is priced at 500k or above or a new build. Below this will be done as a desktop.

msfaye

Pugtown said:

msfaye said:

Wow congrats!!! I have some updates today - my docs are all marked as checked, so we might hear back soon. Only thing is we still don’t know if they’re gonna carry out a validation at the property, as no date has booked yet. Our broker said they might decide to do a desktop valuation in the end. Does the valuation date show on your tracker? 

My understanding with Natwest at the moment is that they are only doing physical valuations if the property is priced at 500k or above or a new build. Below this will be done as a desktop.

Oh no! Thanks for the information. In that case, hope to get an offer subject to valuation this week!!