Natwest mortgage taking forever! Asking to verufy us? Anyone know what this means?!

vickielouise87

Hi, 

We have a mortgage application going through via our broken (who I can never get hold of) so have been chasing it up myself. 

The AIP was done over a month ago (were limited what lender we can use as my partner has 2 telecommunication settled defaults) and the full application since then has been so painful. 

We sent in all the documents they needed 4 weeks ago, they havent asked for anything further as of yet. Valuation was done 2 days ago. Cant see there being a problem as they accepted quite a low offer. 

We have £80,000 deposit, my credit is excellent, partners is fair, he has no debts, I have £9000 car loan in my name, we earn £50,000 between us, 3 children. Hoping for £180,000 mortgage. No idea if we will get it. Currently with santander who wont touch us now because of these defaults - which are just due to my partner stupidly not opening post. 

We have another £40,000 in savings that we want to use for renovations. 

I really have no idea if we will get accepted though? 

I spoke to Natwest on a live chat called cora this morning and they said nothing has been accessed yet and they have sent out a letter in the post to us yesterday, to ‘verify’ us?! Does anyone know what this means? My broken is very experienced and has no idea.. I asked Natwest if it was for ID purposes and they said now. Just a form to sign and send back? 

Our buyers are being really impatient now and threatening to pull out of the sale. They had their offer back in 6 days so they can’t understand why ours is taking so long. 

Anyone any ideas?

vickielouise87

*broker - apologies if there are any spelling errors - typing with a 1 year old round my neck 🙃

ACG

We use Natwest a lot and I have never had that happen. 
You need to chase your broker. Send them an email explaining you are unhappy you can never speak to them and are about to lose the purchase. See if that gives them a nudge. 

vickielouise87

Thank you. I rang our broker this morning but he was quite rude and unhelpful as usual - said he didn’t know what it meant. I wish we hadn’t used him. I’ll log back onto cora and see if they can provide a little bit more information. 

Natwest did say it was taking 17 days for applications to go to underwriting, but we have been waiting much longer than that - and our application isnt even at the underwriting stage - so I am looking at weeks and weeks til we hear anything . 

I just dont want to wait all this time if they’re going to decline the application because I need to start an application with a specialist lender otherwise and this is going to send us straight back to square one and my buyers will definitely pull out. 

K_S

@vickielouise87 I've had something similar (not Natwest) with a client who had an active Protective Registration from CIFAS due to having had their identity stolen. In this case lenders are obliged to take extra steps to confirm the identity of anyone applying in your name.

Not saying that is the reason (as you would probably be aware if that was the case), might be something simpler. But it's your broker who needs to find out what's happening.

kingstreet

When we first started doing non-face to face business with NatWest they used to send verification letters at the outset. I also seem to remember them doing it where there was a NatWest account where there was a (even minor) discrepancy in the account data they held and the new app data.

K_S

vickielouise87 said:

Thank you. I rang our broker this morning but he was quite rude and unhelpful as usual - said he didn’t know what it meant. I wish we hadn’t used him. I’ll log back onto cora and see if they can provide a little bit more information. 

Natwest did say it was taking 17 days for applications to go to underwriting, but we have been waiting much longer than that - and our application isnt even at the underwriting stage - so I am looking at weeks and weeks til we hear anything . 

I just dont want to wait all this time if they’re going to decline the application because I need to start an application with a specialist lender otherwise and this is going to send us straight back to square one and my buyers will definitely pull out. 

@vickielouise87 AFAIK, Natwest doesn't have an official policy on comms arrears/defaults, however I would expect you need a clear credit history for 12+ months for it to pass their credit scoring. But the fact that you got an AIP is definitely a positive sign, though no guarantee.

vickielouise87

Ive just finished live chat via there website and they said it’s completely normal, its just to verify they are lending the money to the applicants on the form. I’m just anxious about the whole thing because our buyers are being so impatient and feel they’ll pull out if we don’t get sorted soon. I’m also not confident it will even be accepted. 

vickielouise87

K_S said:

vickielouise87 said:

Thank you. I rang our broker this morning but he was quite rude and unhelpful as usual - said he didn’t know what it meant. I wish we hadn’t used him. I’ll log back onto cora and see if they can provide a little bit more information. 

Natwest did say it was taking 17 days for applications to go to underwriting, but we have been waiting much longer than that - and our application isnt even at the underwriting stage - so I am looking at weeks and weeks til we hear anything . 

I just dont want to wait all this time if they’re going to decline the application because I need to start an application with a specialist lender otherwise and this is going to send us straight back to square one and my buyers will definitely pull out. 

@vickielouise87 AFAIK, Natwest doesn't have an official policy on comms arrears/defaults, however I would expect you need a clear credit history for 12+ months for it to pass their credit scoring. But the fact that you got an AIP is definitely a positive sign, though no guarantee.

They’re both over 12 months old. Our broker placed us with Natwest because they are apparently not to bothered about telecommunication defaults. I’d like to think they’d have declined our application at the AIP stage if they were going to be an issue. But nothing seems certain at the minute. Its so stressful 🥺