Mortgage broker - ask me anything

haras_n0sirrah

Chimcess93 said:

Hello, 
First of all thank you for this thread, it’s been really useful! 

We’ve done a mortgage application directly with NatWest, we’ve passed the credit check and are waiting for them to review the documents we’ve sent (payslips, etc). This was received by them Friday evening, and they’ve said 2-4 working days.  Do you know if this is the case for NatWest at the moment, or are they too suffering long delays? 

Thanks! 

2-4 is optomistic
from the ones I have going through it is more like 6-8 working days

rachlikeswinter

May I just ask @haras_n0sirrah - what does 'too much use of arranged overdraft' mean?
I've just seen in another thread that someone got rejected by Nationwide for this reason (I'm not applying with Nationwide myself), but I occasionally go into my £200 arranged overdraft a day or two before I'm paid*. In the last 3 months I've probably done this once or twice in both of my current accounts, anywhere from -£20 for a couple of days to -£100 for a day where DDs and pending payments etc have come out all at once and I've not realised. So this is evident in the bank statements I've provided. Just curious now what 'too much use' would ever mean. Thanks!

*I'm self employed so technically I pay myself!

tim_london

A mortgage offer is given now for 5 year fixed rate, offer is valid for 6months, but rate up till Jan 2026.  If I withdraw the money for completion in March, will I:

• Have the fixed rate till Mar 2026
• Have to pay SVR between Jan-Mar 2026
• Be eligible for product transfer in Jan 2026
• Depends on the lender?

haras_n0sirrah

tim_london said:

A mortgage offer is given now for 5 year fixed rate, offer is valid for 6months, but rate up till Jan 2026.  If I withdraw the money for completion in March, will I:

• Have the fixed rate till Mar 2026
• Have to pay SVR between Jan-Mar 2026
• Be eligible for product transfer in Jan 2026
• Depends on the lender?

It it is fixed to jan 2026 it will expire then regardless of the completion date

haras_n0sirrah

rachlikeswinter said:

May I just ask @haras_n0sirrah - what does 'too much use of arranged overdraft' mean?
I've just seen in another thread that someone got rejected by Nationwide for this reason (I'm not applying with Nationwide myself), but I occasionally go into my £200 arranged overdraft a day or two before I'm paid*. In the last 3 months I've probably done this once or twice in both of my current accounts, anywhere from -£20 for a couple of days to -£100 for a day where DDs and pending payments etc have come out all at once and I've not realised. So this is evident in the bank statements I've provided. Just curious now what 'too much use' would ever mean. Thanks!

*I'm self employed so technically I pay myself!

Nationwide are using this excuse a lot.
I think they are just looking at whether people are reliant on overdrafts and credit cards. If people have also had payment holidays on things through Covid they are declining

peppapig14

Hi, mortgage offer with Nationwide and due to exchange within 10 days. will they do a second credit check inbetween exchange and completion?

haras_n0sirrah

peppapig14 said:

Hi, mortgage offer with Nationwide and due to exchange within 10 days. will they do a second credit check inbetween exchange and completion?

they reserve the right to do so.

kev_lpool

haras_n0sirrah said:

rachlikeswinter said:

May I just ask @haras_n0sirrah - what does 'too much use of arranged overdraft' mean?
I've just seen in another thread that someone got rejected by Nationwide for this reason (I'm not applying with Nationwide myself), but I occasionally go into my £200 arranged overdraft a day or two before I'm paid*. In the last 3 months I've probably done this once or twice in both of my current accounts, anywhere from -£20 for a couple of days to -£100 for a day where DDs and pending payments etc have come out all at once and I've not realised. So this is evident in the bank statements I've provided. Just curious now what 'too much use' would ever mean. Thanks!

*I'm self employed so technically I pay myself!

Nationwide are using this excuse a lot.
I think they are just looking at whether people are reliant on overdrafts and credit cards. If people have also had payment holidays on things through Covid they are declining

Hi Haras, are HSBC using payment holidays as a reason to decline? Had a payment holiday on a credit card in April / May / June and commenced repayments in July. Paid off in full in September. Didn’t need to holiday as it turned out as furlough never materialised for partner. HSBC have asked about it and told them the above but it is now with underwriters so wondering if it’ll be an issue?

Natztastic2

The offer acceptance form for LBS, it says to complete all pages of the offer acceptance form and send back. It is just 1 page, is that the only page you send back or is it some of the bumpf too?

Thank you

haras_n0sirrah

Natztastic2 said:

The offer acceptance form for LBS, it says to complete all pages of the offer acceptance form and send back. It is just 1 page, is that the only page you send back or is it some of the bumpf too?

Thank you

I believe it is just the acceptance form