Natwest FTB advice

Aylen

whittakerm said:

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🤞🏽

Did you get your offer? How long were you stuck on  the payslip review stage? We sent in additional information Thursday, hoping to hear something Wednesday Thursday but that could be wishful thinking

whittakerm

Aylen 

Did you get your offer? How long were you stuck on  the payslip review stage? We sent in additional information Thursday, hoping to hear something Wednesday Thursday but that could be wishful thinking

Not yet ☹️ We were stuck on payslip review for about 3.5/4 weeks! Ours took a while though as my fiancé is paid on the last Thursday of everyone month. If the gap between dates is 5 weeks, he’ll get paid for 5 weeks rather than 4. His salary isn’t affected by this and he still gets full salary but it took them like 3 weeks and 2 letters from his employer to approve (1st letter - confirmation of employment. 2nd letter - confirmation of pay).

Our updated timeline:
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
07/09 - Valuation report received
08/09 - Valuation discrepancy; correct address but Plot number added. NatWest now require further confirmation from Valuer as to whether the house is complete or they valued a show home.

Quite angry at today’s update, our house is built and ready to move in. Something so simple has the potential to delay us another “3-5 working days”.

This is all SO tedious😭

Aylen

whittakerm said:

Aylen 

Did you get your offer? How long were you stuck on  the payslip review stage? We sent in additional information Thursday, hoping to hear something Wednesday Thursday but that could be wishful thinking

Not yet ☹️ We were stuck on payslip review for about 3.5/4 weeks! Ours took a while though as my fiancé is paid on the last Thursday of everyone month. If the gap between dates is 5 weeks, he’ll get paid for 5 weeks rather than 4. His salary isn’t affected by this and he still gets full salary but it took them like 3 weeks and 2 letters from his employer to approve (1st letter - confirmation of employment. 2nd letter - confirmation of pay).

Our updated timeline:
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
07/09 - Valuation report received
08/09 - Valuation discrepancy; correct address but Plot number added. NatWest now require further confirmation from Valuer as to whether the house is complete or they valued a show home.

Quite angry at today’s update, our house is built and ready to move in. Something so simple has the potential to delay us another “3-5 working days”.

This is all SO tedious😭

It is really tedious, someone set on the other side of a computer is in control of your life for a minute! You cannot plan anything, buying the new furniture that will take 12 weeks, moving kids school. If the valuation is fine, the plot number is there until it’s official made existent on the land register! You have essential got it , another couple more days 🙌🏽. Hope it goes quick for you 

whittakerm

Aylen said:

It is really tedious, someone set on the other side of a computer is in control of your life for a minute! You cannot plan anything, buying the new furniture that will take 12 weeks, moving kids school. If the valuation is fine, the plot number is there until it’s official made existent on the land register! You have essential got it , another couple more days 🙌🏽. Hope it goes quick for you 

Oh absolutely, I think you’ve hit the nail on the head! It’s the not being able to plan anything for sure! We’ve got built in wardrobes where we are now and the wardrobes we want to get for the new house are on 6-8 week delivery! God knows what we’ll do with our clothes for the first 2 months😭
Fingers crossed🤞🏽 Keep me updated with yours as well, do you use that online tracker they have?

Bowlhead

Aylen said:

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

Approved Monday.

Unsure if they specifically requested payslips as i believe my broker submitted that upfront.

According to my broker I got lucky with how quickly my valuation was done because he's had other clients wait longer. 

Bowlhead

Bowlhead said:

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.

Just to put my entire timeline in one string for anyone else waiting 

7th September - My offer was approved 9:07am   (assuming the work was done the week before but they decided to keep me nervously waiting all weekend) 

17 days from viewing to mortgage approval. 13 days from mortgage application to approval.

Good luck to everyone else nervously waiting. 

Aylen

whittakerm said:

Aylen said:

It is really tedious, someone set on the other side of a computer is in control of your life for a minute! You cannot plan anything, buying the new furniture that will take 12 weeks, moving kids school. If the valuation is fine, the plot number is there until it’s official made existent on the land register! You have essential got it , another couple more days 🙌🏽. Hope it goes quick for you 

Oh absolutely, I think you’ve hit the nail on the head! It’s the not being able to plan anything for sure! We’ve got built in wardrobes where we are now and the wardrobes we want to get for the new house are on 6-8 week delivery! God knows what we’ll do with our clothes for the first 2 months😭
Fingers crossed🤞🏽 Keep me updated with yours as well, do you use that online tracker they have?

Yes I’ve been using the tracker every 5secs in hope of moving to the offer stage! We are the same new build no wardrobes and we like shutters and would like to change carpet and kitchen. We are with parents atm so ideal to have all that done before moving in with the 3 kids 🤦🏾‍♂️..hopefully you have your house by end of the week 🙌🏽

Aylen

Bowlhead said:

Bowlhead said:

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 ltheir 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.

Just to put my entire timeline in one string for anyone else waiting 

7th September - My offer was approved 9:07am   (assuming the work was done the week before but they decided to keep me nervously waiting all weekend) 

17 days from viewing to mortgage approval. 13 days from mortgage application to approval.

Good luck to everyone else nervously waiting. 

Perfect. Congrats, good luck with your move! 

I’m only 9 days in at the moment so hopefully another 2/3days..processing times have shortened so hopefully that helps them underwrite quick 😩

whittakerm

Updateeee!! We had our mortgage offer through today😍
Our updated timeline -

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, 1.83% fixed rate for 5 years)
04/08 - Valuation instructed

29/08 - Valuation booked for 04/09

04/09 - Valuation complete by 10am

07/09 - Natwest receive Valuation report
08/09 - Valuation discrepancy; correct address but Plot number added. NatWest now require further confirmation from Valuer as to whether the house is complete or they valued a show home
10/09 - Valuation discrepancy sorted

14/09 - Formal mortgage offer received🥳

We’re now in the process of sorting a completion date & planning ahead for the 1st October!

Any updated from you Aylen?? X

Bowlhead

whittakerm said:

Updateeee!! We had our mortgage offer through today😍
Our updated timeline -

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, 1.83% fixed rate for 5 years)
04/08 - Valuation instructed

29/08 - Valuation booked for 04/09

04/09 - Valuation complete by 10am

07/09 - Natwest receive Valuation report
08/09 - Valuation discrepancy; correct address but Plot number added. NatWest now require further confirmation from Valuer as to whether the house is complete or they valued a show home
10/09 - Valuation discrepancy sorted

14/09 - Formal mortgage offer received🥳

We’re now in the process of sorting a completion date & planning ahead for the 1st October!

Any updated from you Aylen?? X

congrats Whittakerm!, incredibly envious at how soon your potential completion date is, the lawyers on my purchase seem to be on a go slow!

Got everything crossed for Aylen! Hope its going ok?