Natwest Mortgage Process

tombolonova1

Hi,
We're just going through Natwest for mortgage and was wondering if anyone could share their experiences with the Natwest mortgage process - timescales etc.
Also, I am starting to worry as I had a number of missed payments on a mobile phone contract in 2014 and 2015. I used payday loans in 2016 too. Does anyone know if these are things NatWest would likely decline us for?

bbat

Hi, I can't comment on the missed payments you mentioned, but I can say for me it was 2 weeks between application and mortgage offer. All paperwork was in place, 20% deposit and the valuation took place very quickly which was lucky. 

tombolonova1

bbat said:

Hi, I can't comment on the missed payments you mentioned, but I can say for me it was 2 weeks between application and mortgage offer. All paperwork was in place, 20% deposit and the valuation took place very quickly which was lucky. 

Thanks for the reply! That is really quick! Do you know if the valuation was instructed after they had done their checks?

mezzer86

I think NatWest instruct valuation straight away as soon as the application goes in. 

Our application went in at the beginning of Sept and we had the hard search on our credit file straightaway. Valuation was done on the 18th but we haven’t heard anything since then! 🤷‍♀️ 

Kiwistrawb1990

Heyyyy, I used payday loans as recent as 2019 and had a 4 year old default from a catalogue when we applied to Natwest. Had no problem at all, 10 days from application to offer. What I will say is put affordability was good, we borrowed a lot less than they were willing to lend us. 

bbat

tombolonova1 said:

bbat said:

Hi, I can't comment on the missed payments you mentioned, but I can say for me it was 2 weeks between application and mortgage offer. All paperwork was in place, 20% deposit and the valuation took place very quickly which was lucky. 

Thanks for the reply! That is really quick! Do you know if the valuation was instructed after they had done their checks?

Afraid I dont know! It was instructed about 5 working days after application, and carried out a couple of days later. They submitted their valuation very quickly and then I immediately got the offer. So I guess Natwest had completed everything they needed to by the time the valuation took place. 

I do know some valuations are taking a while to book in so I was lucky I think. 

tombolonova1

Kiwistrawb1990 said:

Heyyyy, I used payday loans as recent as 2019 and had a 4 year old default from a catalogue when we applied to Natwest. Had no problem at all, 10 days from application to offer. What I will say is put affordability was good, we borrowed a lot less than they were willing to lend us. 

This is very reassuring, thank you. The whole process of buying a house is so nerve wracking!  We're about 15k under affordability so hopefully that is taken into consideration too

tombolonova1

For those interested, our mortgage application was approved. Approximately 3 weeks from DIP to offer. Pay day loans on credit file, historic defaults 4/5 years ago and use of arranged overdraft over all 3 months of bank statements checked. 85% LTV

Kiwistrawb1990

tombolonova1 said:

For those interested, our mortgage application was approved. Approximately 3 weeks from DIP to offer. Pay day loans on credit file, historic defaults 4/5 years ago and use of arranged overdraft over all 3 months of bank statements checked. 85% LTV

Congratulations! 

loufay26

Congratulations, my mortgage application went into Natwest on Friday, I am worried because of the feeds I have read about Natwest. I am requesting £16k under their AIP and my LTV is 74% but I am worried that I have recently repaid debt that is not reflected on my credit report with agencies meaning my utilistation rate is showing higher than it actually is (things taking longer to update with Covid) I have sent screen shots of the nil balances to my broker but I did have a late payment 8 months ago! Really hope mine goes through as smoothly, everything crossed!

loufay26

bbat said:

Hi, I can't comment on the missed payments you mentioned, but I can say for me it was 2 weeks between application and mortgage offer. All paperwork was in place, 20% deposit and the valuation took place very quickly which was lucky. 

Hello, sorry to ask but was your credit utilization rate etc all ok? I had a late payment 8 months ago and have recently repaid all my debt. I am applying for a mortgage and with 25% deposit and 74% LTV but worried with the horror stories that I am reading on here!