Natwest FTB advice

Lipstick99

Im putting in Nat West via a broker after TSB undervalued by £10k.
So starting from scratch.

KAP0365

msfaye said:

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!! 

You won’t get an offer until valuation is done, however we got an email stating ours was approved subject to valuation. Ours was a physical as over £500k and a new build (complete), @Pugtown is correct I think that below that or not new build and it could be desktop so quicker. We weren’t FTBs though but ours was 3.5 weeks from application to offer and we are NatWest customers also. Good luck hope you get the offer soon 

FTBin2020

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? 

Hi, any more updates with you? Ours says that a valuation has been instructed, but doesn't list the date - We only know the date as our housing development let us know (and then our brooker confirmed this). Hopefully you get an update soon!

msfaye

Hi guys we received our offer today, but I don’t think they have carried out physical valuation though the house we’re buying is over 500k. 

We’re not very excited, as unfortunately we might not be able to proceed to completion for some other things hindering. 

Below is our overall timeline in case helpful to others who are waiting. 

First Time buyer, 33% deposit, borrowing 67%
Habito AIP issued in May
03/08 Viewed house
03/08 Best offer made (11k above asking price)
06/08 Agent told us offer accepted late afternoon
06/08 submitted all mortgage docs in Habito
07/08 instructed solicitor, agent sent formal sales memo, Habito recommended NatWest, 5 Year, 1.6 interest rate
11/08 Habito finished reviewing docs and confirmed they have all they need
13/08 Habito submitted full application to NatWest
14/08 Tracker indicates that NatWest is reviewing our docs 
17/08 Tracker shows that ‘A valuation has been instructed and we are now awaiting your client's survey report.’
24/08 Tracker indicates that they have received survey report.
25/08 Offer received 

penners324

have you exchanged yet? There's 5 pages of people warning you not to on another thread.

Bowlhead

I'm a FTB also in the process of apply for a 85% LTV Natwest Mortgage (wanted a 90% LTV but nothing out their at all) via a broker, so thought i'd share my timeline thus far....
22nd August - Viewing
24th August AM - Offer accepted
24th August PM - AIP from Natwest confirming maximum lend size @ 85% LTV - (Bank Statements, Payslips, P60, ISA Statement, Savings Statement submitted to broker)
25th August - Instructed Solicitor
26th August - Mortgage Application Submitted by broker.

Now the nervous wait, my broker tells me i'm a very straightforward customer but can't help still feeling nervous...

Lipstick99

Nat west wont lend me enough, broker advised today they have tightened up with cv19. So im going elsewhere and AIP recd with new lender. 

DaveWilson25

Hi,
Sorry for jumping on the bandwagon here but i'm having the same issues re Natwest and my broker. I had a potential issue re my credit report as I have everything registered at my parents address so in order to obtain my credit score (which is rated as excellent) I need to use this address. All explained to my broker who said it should be fine but when the DIP was submitted it said it would need to be referred. Again told not to worry and that he would explain the situation. Now i'm over three weeks from the application and all information going in and i've just been informed that the valuation has been rescheduled for a date almost two weeks later. 
Two questions: 
1) i know they book in the valuation as the application goes in (due to it being with Natwest) but can i assume they have at least checked the information i have provided and so the address shouldn't pose an issue? Everything else looks fine in terms of affordability, LTV and don't have any outstanding lines of credit. 
2) Should I be concerned about the valuation rescheduling? I guess in line with the above? Or is it just a case of them being busy (which was explained to me at the start of the process) or access issues with the seller?  
Would appreciate any advice!
Cheers,
Dave

FTBin2020

penners324 said:

have you exchanged yet? There's 5 pages of people warning you not to on another thread.

Hi - Which thread are you referring to, please could you link me?DaveWilson25 said:

Hi,
Sorry for jumping on the bandwagon here but i'm having the same issues re Natwest and my broker. I had a potential issue re my credit report as I have everything registered at my parents address so in order to obtain my credit score (which is rated as excellent) I need to use this address. All explained to my broker who said it should be fine but when the DIP was submitted it said it would need to be referred. Again told not to worry and that he would explain the situation. Now i'm over three weeks from the application and all information going in and i've just been informed that the valuation has been rescheduled for a date almost two weeks later. 
Two questions: 
1) i know they book in the valuation as the application goes in (due to it being with Natwest) but can i assume they have at least checked the information i have provided and so the address shouldn't pose an issue? Everything else looks fine in terms of affordability, LTV and don't have any outstanding lines of credit. 
2) Should I be concerned about the valuation rescheduling? I guess in line with the above? Or is it just a case of them being busy (which was explained to me at the start of the process) or access issues with the seller?  
Would appreciate any advice!
Cheers,
Dave

Hi Dave, for us they only instructed the valuation after they had reviewed our payslips. I wouldn't worry too much about the rescheduling of it, i think that part is pretty normal.

DaveWilson25

FTBin2020 said:

penners324 said:

have you exchanged yet? There's 5 pages of people warning you not to on another thread.

Hi - Which thread are you referring to, please could you link me?DaveWilson25 said:

Hi,
Sorry for jumping on the bandwagon here but i'm having the same issues re Natwest and my broker. I had a potential issue re my credit report as I have everything registered at my parents address so in order to obtain my credit score (which is rated as excellent) I need to use this address. All explained to my broker who said it should be fine but when the DIP was submitted it said it would need to be referred. Again told not to worry and that he would explain the situation. Now i'm over three weeks from the application and all information going in and i've just been informed that the valuation has been rescheduled for a date almost two weeks later. 
Two questions: 
1) i know they book in the valuation as the application goes in (due to it being with Natwest) but can i assume they have at least checked the information i have provided and so the address shouldn't pose an issue? Everything else looks fine in terms of affordability, LTV and don't have any outstanding lines of credit. 
2) Should I be concerned about the valuation rescheduling? I guess in line with the above? Or is it just a case of them being busy (which was explained to me at the start of the process) or access issues with the seller?  
Would appreciate any advice!
Cheers,
Dave

Hi Dave, for us they only instructed the valuation after they had reviewed our payslips. I wouldn't worry too much about the rescheduling of it, i think that part is pretty normal.

Thank you for coming back to me. It's just I am a FTB too and looking at your timeframes (very envious) you got an offer subject to the pending valuation? And I can see you had to provide evidence of your gifted deposit, I am also getting a gifted deposit and they haven't requested anything. I'm just trying to get an inkling of whether the address problem would be a material issue and so doubled up with the delay in them doing the valuation its unbearable. The broker is just telling me that they are waiting for the valuation, but not that its been reviewed or accepted etc. I am right to assume (like in your case) that they would be doing the underwriting at the same time?