It took us 9 days to get our first ever Natwest mortgage offer 18/11/2020

fromrubbletobecket

Thought I would post our timeline and our story for anyone that maybe worrying or has any queries. 

So we are purchasing a new build and so we used the recommended broker that the developer suggested and couldn't have been more happier with our process. We got our AIP, and then a few days later they submitted our mortgage application.

We were then told we would receive further comms from admin. The same brokerage break the mortgage process into 2 separate stages, financial advisor and mortgage application administrator so admin emailed us a further few days later to say natwest were dealing with backlog from the previous week to when we submitted so we weren't expecting to hear back for another 2 weeks. We checked  account and money for valuation had been taken 2 days after mortgage was submitted.

Then we got told valuation was complete but again natwest were still waiting to actually check our documents. By now about 1 week had passed. 

So then we just waited and they said natwest still waiting then we got an email with an offer on the same day. So basically it took 2 weeks but about 8 working days or so to actually get the offer and we only chased admin once. 

Timeline:
- 05/11/2020 - Application Submitted @ 3pm
- 06/11/2020 - Valuation fee taken out bank account @ 9am
- 12/11/2020 - Desktop Valuation instructed @ 3pm
- 16/11/2020 - Valuation received by Natwest @ 6am
- 18/11/2020 - Underwritter reviews payslips @ 12pm
- 18/11/2020 - Mortgage offered and solicitors instructed to proceed @ 2pm 

We didn't get our tracker until after we got our mortgage offer, its likely live updates weren't the best as our admin didn't give much updates as there was a lot more on the actual tracker. 

Also, both of us are relatively young 26, we are full-time employed and don't have the best "saving records" by any means but actually we got a mortgage despite a lot of our fears.

fromrubbletobecket

Mortgage Application Timeline (NatWest)

• 30/10 - Agreement in Principle received (hard search on credit file) @ 2pm
• 05/11 - Full application submitted @ 3pm
• 06/11 - Valuation fee taken out bank account @ 9am
• 12/11 - Desktop Valuation instructed @ 3pm
• 16/11 - Valuation received by Natwest @ 6am
• 18/11 - Underwritter reviews payslips @ 12pm
• 18/11 - Mortgage offered and solicitors instructed to proceed @ 2pm 

This is our full timeline, we had a broker, both of us FTB, no HTB or other loans used.

ACG

Sounds about right. 
We had 2 issued last week, 10 days and 12 days - the 12 days one they asked for an new copy of the ladies visa as it was not clear their end. 

fromrubbletobecket

ACG said:

Sounds about right. 
We had 2 issued last week, 10 days and 12 days - the 12 days one they asked for an new copy of the ladies visa as it was not clear their end. 

Why do you think some people are struggling, appears to be many with no answers quickly like ours. 

I posted this to give people a happier story as its not always doom & gloom.

haras_n0sirrah

Like most lenders now they have an easy queue and a not so easy queue. The easy queue will be offered in 2 weeks. The not so easy queue may be 2 months.
Had a case approved with Santander yesterday in 1 week, I have two others who have been in for 3 weeks and haven't yet got to the underwriter 

ACG

Im not sure. The only thing I can think is there is an element of self employed or furlough/SEISS etc. 

Natwest are not quite as good as they were, but they are not bad. Natwest were always my number 1 choice, I would have used them for every case if I could. I am not sure they are number 1 at the minute, but still top 3. 

dimbo61

Well done but I sometimes get nervous when you talk about mortgage broker recommended by builder.
He/she might have a close relationship with the builder as they get lots of business from them.
If the mortgage deals suits your needs great.
They will also be keen to sell you other products like life assurance and critical illness cover which you might well get cheaper by shopping around.
Comparison website or Cavendish online.
You may have some/good cover with work for illness and death benefits.
This is a great website all about moneysaving so fingers crossed you get your first home but time to put your Big pants on and don't be naive and get ripped off.
Drive a hard bargain with the builders for extras if possible !

fromrubbletobecket

dimbo61 said:

Well done but I sometimes get nervous when you talk about mortgage broker recommended by builder.
He/she might have a close relationship with the builder as they get lots of business from them.
If the mortgage deals suits your needs great.
They will also be keen to sell you other products like life assurance and critical illness cover which you might well get cheaper by shopping around.
Comparison website or Cavendish online.
You may have some/good cover with work for illness and death benefits.
This is a great website all about moneysaving so fingers crossed you get your first home but time to put your Big pants on and don't be naive and get ripped off.
Drive a hard bargain with the builders for extras if possible !

Yeah we were apprehensive of that at the beginning using the recommended solictors and mortgage advisors but theyve been really good to be honest, really fast with everything. 

Oh believe me we got all the incentives we possibly could've and the developer we are with their standard specification is so good that we've save around 20k alone just with the standards which are extras at a lot of other properties.

We're happy and get to be on the property ladder, still save monthly and live a nice life

Getting_greyer

Wow that's quick!  My natwest timeline was more:
20 August: application submitted 
1 million years later: offer recieved 
Yesterday: renegotiated price down 
Today: realised that's mean offer need changing. 😭 

fromrubbletobecket

Getting_greyer said:

Wow that's quick!  My natwest timeline was more:
20 August: application submitted 
1 million years later: offer recieved 
Yesterday: renegotiated price down 
Today: realised that's mean offer need changing. 😭 

Are you a FTB? 
Yes that sounds right since a new 'reservation form' would need to be done with new price and mortgage offer would stipulate the price. So do you have to start from scratch?

Getting_greyer

fromrubbletobecket said:

Getting_greyer said:

Wow that's quick!  My natwest timeline was more:
20 August: application submitted 
1 million years later: offer recieved 
Yesterday: renegotiated price down 
Today: realised that's mean offer need changing. 😭 

Are you a FTB? 
Yes that sounds right since a new 'reservation form' would need to be done with new price and mortgage offer would stipulate the price. So do you have to start from scratch?

Yes ftb. Just had the revised offer come through so I guess not.  That was very quick.