Natwest FTB advice

FTBin2020

DaveWilson25 said:

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?

I completely understand the worry, being a FTB buying like yourself. Whats your LTV? and have you got access to the Natwest Tracker? After our application was submitted it took just over a week for them to request our payslips (we only knew this as we called Natwest ourselves). These were sent right away and then marked as a tick on the tracker within 24 hours. It was after this that a valuation was instructed and proof of our gifted deposit was requested. After the gifted deposit was sent, they marked this as a tick within 24 hours and then confirmed it was all approved subject to valuation - We never had to provide bank statements etc!

DaveWilson25

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?

I completely understand the worry, being a FTB buying like yourself. Whats your LTV? and have you got access to the Natwest Tracker? After our application was submitted it took just over a week for them to request our payslips (we only knew this as we called Natwest ourselves). These were sent right away and then marked as a tick on the tracker within 24 hours. It was after this that a valuation was instructed and proof of our gifted deposit was requested. After the gifted deposit was sent, they marked this as a tick within 24 hours and then confirmed it was all approved subject to valuation - We never had to provide bank statements etc!

80 percent LTV, monthly commitments (including post moving in) is less than a third of my take home pay. No access to the NW tracker as i went through a MB (i did ask him but didn't get a reply) but I think they get updates through their intermediary tracker. The MB just asked for three months bank statements, 6 months payslips as i moved jobs three months ago (no gap in employment though) and ID documents etc. They haven't asked for proof of gifted deposit or anything further, the only update i got was that they were waiting for the valuation and then that it has now been rearranged for almost two weeks time. Did you see any searches on your credit report as i am yet to, other than an AIP i did with NW a month prior to submitting the application.

FTBin2020

DaveWilson25 said:

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?

I completely understand the worry, being a FTB buying like yourself. Whats your LTV? and have you got access to the Natwest Tracker? After our application was submitted it took just over a week for them to request our payslips (we only knew this as we called Natwest ourselves). These were sent right away and then marked as a tick on the tracker within 24 hours. It was after this that a valuation was instructed and proof of our gifted deposit was requested. After the gifted deposit was sent, they marked this as a tick within 24 hours and then confirmed it was all approved subject to valuation - We never had to provide bank statements etc!

80 percent LTV, monthly commitments (including post moving in) is less than a third of my take home pay. No access to the NW tracker as i went through a MB (i did ask him but didn't get a reply) but I think they get updates through their intermediary tracker. The MB just asked for three months bank statements, 6 months payslips as i moved jobs three months ago (no gap in employment though) and ID documents etc. They haven't asked for proof of gifted deposit or anything further, the only update i got was that they were waiting for the valuation and then that it has now been rearranged for almost two weeks time. Did you see any searches on your credit report as i am yet to, other than an AIP i did with NW a month prior to submitting the application.

We too used a MB, we asked and they gave us the mortgage reference (you use that to track), really helpful as it can offer some reassurance that everything is going ahead. Our MB requested all of that from us too, but will only send them to Natwest if they request it, for us Natwest only requested payslips (although I have read that this can be the case if the LTV is 75% or less). We've now been offered and waiting to exchange, the only credit checks ever performed were the ones done on the DIP.

DaveWilson25

Thank you for the advice, so it sounds like i just need to be patient. I'll ask the MB for the reference. Big congrats on your offer, you must be very relieved! 

sofsar

I’m having a stressful day with NatWest. Valuation was done last Wednesday and yesterday they came back with “I may not be able to afford it now and in near future”! Why after all this time review my file at last minute and my valuation money possibly gone down drain! I even paid Solisitors upfront fees on Thursday thinking it’s taking too long but they did say we wait for morgage offer 1st. 

bbat

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.

Hi, do you think this is still the case with valuations? Only physical if over 500k? Or was that just a post lockdown thing? Thanks

whittakerm

Hi everyone! Sorry for jumping on the post, but it’s the most recent NatWest FTB I could find. 

Our application seems to be taking an ice age to go through😂 our timeline at the moment is;

26/07 - DIP from NatWest received
26/07 - New Build house reserved
03/08 - Full application to NatWest submitted via broker (75% LTV, 20% govt HTB, 5% deposit)
04/08 - Valuation instructed
29/08 - Valuation booked for 04/09

So we’re hopefully on the final stretch & we’ve got our fingers crossed for an offer by this time next week🤞🏽

Bowlhead

Bowlhead said:

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...

02/09 AM  Valuation Today, Surveyor arrived at 9am and by the time i phoned the Estate agent to check that it was a valuation in person at 10am he was already finished (Flat is 5 minute drive from Agent). 
02/09 PM Mortgage broker informed me that NatWest asked for proof of deposit and confirmation of Ground Rent.

My broker thinks my case is effectively agreed subject to valuation now and that we should hear back end of this week, early next week so looking like a 2 week timeline in my case.

Bowlhead

bbat 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.

Hi, do you think this is still the case with valuations? Only physical if over 500k? Or was that just a post lockdown thing? Thanks

my purchase is below 500k and had a physical valuation!

Aylen

Bowlhead said:

bbat 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.

Hi, do you think this is still the case with valuations? Only physical if over 500k? Or was that just a post lockdown thing? Thanks

my purchase is below 500k and had a physical valuation!

Did you hear back by the end of the week? 

We are 75% LTV (new build) over £500k purchase price! 

We made an application 26/8..NatWest requested payslips on Thursday..sent straight back by broker on Thursday! 

When you applied, how long did it take for NatWest to request documents(payslips) from initial keying in the application? Did they request anything after the payslips? How soon after did they move to valuation?

thanks