NatWest Mortgage Timescale 2021

sanaubair

Hello,

i need a little help on this please. Natwest asked for further documents such a company accounts but one year is in loss and this year in small profit. Although ive a huge turnover. Is this going to cause a problem? But ive been paying myself salary on time. 

Although ive other source of income such as rental, working tax credits. 

Is that going to cause some issue. Please any help? 

sanaubair

I am ltd company

Big_Rock

1 Self Employed 

2 Employed 

I am assuming being one applicant self employed it will take over 4-6 weeks,

so question is did any one got being self employed offer in 15 days as timeline on their website?

and finally for those waiting ...

did you paid for searches or not yet? as soliciator said its wise to wait but that really means another 4 to 6 weeks so I am just worried vendor might feel annoyed. 

Thanks 

shanod

Big_Rock said:

Applied 11/10 .. Hard search on 12/10 .. No Valuation booked so far .....Applied via broker

1 Self Employed 

2 Employed 

I am assuming being one applicant self employed it will take over 4-6 weeks,

so question is did any one got being self employed offer in 15 days as timeline on their website?

and finally for those waiting ...

did you paid for searches or not yet? as soliciator said its wise to wait but that really means another 4 to 6 weeks so I am just worried vendor might feel annoyed. 

Thanks 

It’s initially 15 working days pre underwriting and then 20 days underwriting. 

Mine went in on 4th and yesterday my tracker started working and today I’ve had 9 actions in the tracker. 

I’d book searches, that would be my preference. Save some time

Big_Rock

shanod said:

Big_Rock said:

Applied 11/10 .. Hard search on 12/10 .. No Valuation booked so far .....Applied via broker

1 Self Employed 

2 Employed 

I am assuming being one applicant self employed it will take over 4-6 weeks,

so question is did any one got being self employed offer in 15 days as timeline on their website?

and finally for those waiting ...

did you paid for searches or not yet? as soliciator said its wise to wait but that really means another 4 to 6 weeks so I am just worried vendor might feel annoyed. 

Thanks 

It’s initially 15 working days pre underwriting and then 20 days underwriting. 

Mine went in on 4th and yesterday my tracker started working and today I’ve had 9 actions in the tracker. 

I’d book searches, that would be my preference. Save some time

Thanks, Are you direct or via broker? 

When was hard search done.

sanaubair

Will anyone to help my query please?

shanod

Big_Rock said:

shanod said:

Big_Rock said:

Applied 11/10 .. Hard search on 12/10 .. No Valuation booked so far .....Applied via broker

1 Self Employed 

2 Employed 

I am assuming being one applicant self employed it will take over 4-6 weeks,

so question is did any one got being self employed offer in 15 days as timeline on their website?

and finally for those waiting ...

did you paid for searches or not yet? as soliciator said its wise to wait but that really means another 4 to 6 weeks so I am just worried vendor might feel annoyed. 

Thanks 

It’s initially 15 working days pre underwriting and then 20 days underwriting. 

Mine went in on 4th and yesterday my tracker started working and today I’ve had 9 actions in the tracker. 

I’d book searches, that would be my preference. Save some time

Thanks, Are you direct or via broker? 

When was hard search done.

Hard search was done on the first day we applied 4/10. Through a broker

HWBY

shanod said:

Big_Rock said:

Applied 11/10 .. Hard search on 12/10 .. No Valuation booked so far .....Applied via broker

1 Self Employed 

2 Employed 

I am assuming being one applicant self employed it will take over 4-6 weeks,

so question is did any one got being self employed offer in 15 days as timeline on their website?

and finally for those waiting ...

did you paid for searches or not yet? as soliciator said its wise to wait but that really means another 4 to 6 weeks so I am just worried vendor might feel annoyed. 

Thanks 

It’s initially 15 working days pre underwriting and then 20 days underwriting. 

Mine went in on 4th and yesterday my tracker started working and today I’ve had 9 actions in the tracker. 

I’d book searches, that would be my preference. Save some time

Our application went in on the 6th via broker, and NatWest told me on Monday that it's at 20 days from initial application to reach underwriting. Hoping it does end up being a bit earlier!

andyb2210

sanaubair said:

Hello,

i need a little help on this please. Natwest asked for further documents such a company accounts but one year is in loss and this year in small profit. Although ive a huge turnover. Is this going to cause a problem? But ive been paying myself salary on time. 

Although ive other source of income such as rental, working tax credits. 

Is that going to cause some issue. Please any help? 

Hi,

It all depends on how high your losses and profits were. Turnover won't effect your application either positively or negatively. However if your making a loss and having to pay out of your salary to keep the business afloat then this will be taking into account and will be viewed as an expense. They will subtract this from your earnings. If your making a profit and are taking a salary or directors dividends, then this will be added on top of your salary to increase affordability. If it's a limited company you will likely need audited accounts that are signed by a qualified accountant.

You said one year was a loss and one year was a profit. The most recent year should in theory have more strength then the previous year. However how they will exactly decide the affordability will be down to the lenders discretion. They may take the middle of the 2 years. 

I would say as long as your salary comfortably affords the property and the loss was only small then you should be fine.

sanaubair

The loss is around 2000 and the profit is around 790£ and then the salary from that account is almost like 4000 which is a small proportion compared to my other income? Will they decline it?