Normal speed NatWest mortgage offer

spec65

Hello, I just wanted to share our time line from having an offer accepted on the house we are selling and accepted on the one we are buying to revieving a formal mortgage offer. 

A bit of background on me and my partner for context:

- No mortgage broker used

- Both employed for 2+ years with the same employers

- Jobs not affected due to covid etc. No furlough.

- No outstanding credit. Both having credit card but pay off in full each month and have utilisation 2-15% 

- Both excellent credit rating by all providers

- 65% LTV 

- Bristol region

Offer accepted for our house 22/10

Offer accepted for the house were buying 26/10

AIP and full application appointment booked 29/10

Payslips sent (both bank with natwest so they didn't require bank statements) 30/10

Full application (telephone with advisor) and hard credit check 20/11

Approved by 'Head Office' (unsure what that means haha) 26/11

Underwriters approval subject to valuation and valuation booked 1/12

Valuation (physical visit from surveyor) 8/12

Valuation recieved by NatWest 8/12

Formal written offer of mortgage 9/12

I know we're probably as simple an application as they will recieve but I can fully recommend NatWest as they have been great throughout! 

We uploaded everything through their digidocs system and it couldn't have been easier. I hope this helps someone if they were lurking around the forum like me for a bit haha. 

dunstonh

I know we're probably as simple an application as they will recieve but I can fully recommend NatWest as they have been great throughout! 

Although the turnaround was quite slow.  Held up significantly for the delay in getting the telephone application.   It probably added about 2-3 weeks to the process compared to a broker.

ACG

21-22 days to get an appointment (and your happy?!)

If you had gone via a broker, you would have had an offer about 3-4 weeks ago.

spec65

ACG said:

21-22 days to get an appointment (and your happy?!)

If you had gone via a broker, you would have had an offer about 3-4 weeks ago.

Im very happy after reading some of the horror stories regarding banks taking ages to instruct valuations and underwriting taking a long time etc. While a broker may have been a few weeks quicker, our case was relatively simple so we saved on whatever fee a broker may have incurred? 

Carl2510

spec65 said:

ACG said:

21-22 days to get an appointment (and your happy?!)

If you had gone via a broker, you would have had an offer about 3-4 weeks ago.

Im very happy after reading some of the horror stories regarding banks taking ages to instruct valuations and underwriting taking a long time etc. While a broker may have been a few weeks quicker, our case was relatively simple so we saved on whatever fee a broker may have incurred? 

There are fee free brokers you know?

I have one and and he’s great got my offer no problem after first lockdown.

Application submitted 26/08 Valuation 10/09 offer 17/09.

spec65

Well, it appears that NatWest weren't as rapid as I thought haha. 

kingstreet

NatWest doesn't normally request bank statements on apps under 75% LTV. If you are using basic income only; only latest payslip is required for employees.

ACG

They were not slow once your application went in, a little slower than the last 2-3 we have sent them, but it seems the biggest hold up was the surveyor as they had your offer issued the following day. 

I am just surprised you are happy with a 3 week wait and still class that as rapid. Your mortgage application was submitted, your application underwritten, the surveyor went out to view the property and filled out a report all in 2-3 days less than it took for them to sit down and put your details on paper.

Its great that you are happy with it, thats all that matters really. But a broker would have done it in half the time.  

spec65

ACG said:

They were not slow once your application went in, a little slower than the last 2-3 we have sent them, but it seems the biggest hold up was the surveyor as they had your offer issued the following day. 

I am just surprised you are happy with a 3 week wait and still class that as rapid. Your mortgage application was submitted, your application underwritten, the surveyor went out to view the property and filled out a report all in 2-3 days less than it took for them to sit down and put your details on paper.

Its great that you are happy with it, thats all that matters really. But a broker would have done it in half the time.  

I guess I didn't fully appriciate that decent brokers could be had for no up front fee? Coupled with the fact that we aren't really pushed for time and reading stories on this forum about offers taking months and months, it seemed quick. I now know this not to be the case haha.

mlb95

It sounds like it all went smoothly and that's the main thing, it's nice to read a story from someone who's happy . I also love that you changed the title 🤣

spec65

mlb95 said:

It sounds like it all went smoothly and that's the main thing, it's nice to read a story from someone who's happy . I also love that you changed the title 🤣

I thought the title better reflected the timeline now I've been educated 😂. Fingers crossed the smooth sailing continues!