NatWest Mortgage Timescale 2021

vmguru

Mw3hgd said:

webjaved said:

Mw3hgd said:

So everything got ticked off and then the house was down valued so NatWest have said they can’t proceed with It as it stands.  Now I have to try to renegotiate the price down to be able to proceed.  This is house number three that has had issues at the valuation stage 🤦🏼‍♂️

Unlucky. Did they specify why they down-valued the property?

No reason given other than that’s what they believed to be the fair market value. Having done some research it seems quite common for properties to be down valued currently as lenders are getting more nervous about the changing market 😬

The valuation is done by an independent property surveyor who will need to provide 3 comparable properties sold and justify the valuation any down valuation a surveyor will have to provide evidence and justification for the down valuation. Lots of estate agents are over valuing property. Natwest use Countrywide Property Surveyors going to a different lender you may get the same surveyors company or different surveyor but the results likely to be same.

Mw3hgd

vmguru said:

Mw3hgd said:

webjaved said:

Mw3hgd said:

So everything got ticked off and then the house was down valued so NatWest have said they can’t proceed with It as it stands.  Now I have to try to renegotiate the price down to be able to proceed.  This is house number three that has had issues at the valuation stage 🤦🏼‍♂️

Unlucky. Did they specify why they down-valued the property?

No reason given other than that’s what they believed to be the fair market value. Having done some research it seems quite common for properties to be down valued currently as lenders are getting more nervous about the changing market 😬

The valuation is done by an independent property surveyor who will need to provide 3 comparable properties sold and justify the valuation any down valuation a surveyor will have to provide evidence and justification for the down valuation. Lots of estate agents are over valuing property. Natwest use Countrywide Property Surveyors going to a different lender you may get the same surveyors company or different surveyor but the results likely to be same.

I suspected it may happen as to get an offer accepted around here you need to go well above asking price.  The vendor isn’t willing to reduce the price and the agent even said they’re being greedy and unrealistic so the search starts again.:.maybe 4th time lucky!? 

Mimi1983

I've been on a bit of a strange timeline. 
5th May - completed application via broker
13th May - hard credit search
23rd May - valuation. Undervalued so sorted out the price with the seller.
26th May - requested payslips showing commission for the past year, last payslip and self assessments for 2 years

I'm doing LTV of about 55% on a 500k property

Do they normally do the valuation before requesting docs?
When do they do the identity check?
Will they still ask for bank statements?

Thanks in advance for any insight!

lauralooo

Mimi1983 said:

I've been on a bit of a strange timeline. 
5th May - completed application via broker
13th May - hard credit search
23rd May - valuation. Undervalued so sorted out the price with the seller.
26th May - requested payslips showing commission for the past year, last payslip and self assessments for 2 years

I'm doing LTV of about 55% on a 500k property

Do they normally do the valuation before requesting docs?
When do they do the identity check?
Will they still ask for bank statements?

Thanks in advance for any insight!

Yep - the valuation was completed after the hard search, but my documents weren’t checked until after the valuation and they continued to request further docs (SA100 and ID for my husband who is self-employed). 

vmguru

Mimi1983 said:

I've been on a bit of a strange timeline. 
5th May - completed application via broker
13th May - hard credit search
23rd May - valuation. Undervalued so sorted out the price with the seller.
26th May - requested payslips showing commission for the past year, last payslip and self assessments for 2 years

I'm doing LTV of about 55% on a 500k property

Do they normally do the valuation before requesting docs?
When do they do the identity check?
Will they still ask for bank statements?

Thanks in advance for any insight!

They normally do a pre-underwriting before the valuations, I am assuming they must have requested all essential information and documents when you application was done with broker. Once the valuation comes back then they start the the full underwriting in detail checking takes place current service levels are at 9 working days a further 4 working days is added when additional documents are submitted.

Cases offered within 8 to 14 days - 56% - Average speed in this group = 11 days

Mimi1983

lauralooo said:

Mimi1983 said:

I've been on a bit of a strange timeline. 
5th May - completed application via broker
13th May - hard credit search
23rd May - valuation. Undervalued so sorted out the price with the seller.
26th May - requested payslips showing commission for the past year, last payslip and self assessments for 2 years

I'm doing LTV of about 55% on a 500k property

Do they normally do the valuation before requesting docs?
When do they do the identity check?
Will they still ask for bank statements?

Thanks in advance for any insight!

Yep - the valuation was completed after the hard search, but my documents weren’t checked until after the valuation and they continued to request further docs (SA100 and ID for my husband who is self-employed). 

Did they ask for bank statements too or not? It seems like sometimes they don't which I was surprised about
Are they very picky with entries on the statements?

DZ1809

Our broker said that they only asked for the latest payslip and bank statement from both my partner and I, which I thought was strange as lenders usually want 3 months at least?  

lauralooo

Mimi1983 said:

lauralooo said:

Mimi1983 said:

I've been on a bit of a strange timeline. 
5th May - completed application via broker
13th May - hard credit search
23rd May - valuation. Undervalued so sorted out the price with the seller.
26th May - requested payslips showing commission for the past year, last payslip and self assessments for 2 years

I'm doing LTV of about 55% on a 500k property

Do they normally do the valuation before requesting docs?
When do they do the identity check?
Will they still ask for bank statements?

Thanks in advance for any insight!

Yep - the valuation was completed after the hard search, but my documents weren’t checked until after the valuation and they continued to request further docs (SA100 and ID for my husband who is self-employed). 

Did they ask for bank statements too or not? It seems like sometimes they don't which I was surprised about
Are they very picky with entries on the statements?

My broker requested 3 months bank statements from both of us to begin with. There was an issue uploading my bank statements onto NatWest’s system, so NatWest requested them again, which really annoyed me as it was a couple of weeks after everything had been submitted. 

Mimi1983

Hope that doesn't happen to me but then neither broker nor natwest have requested statements even now

vmguru

Mimi1983 said:

lauralooo said:

Mimi1983 said:

I've been on a bit of a strange timeline. 
5th May - completed application via broker
13th May - hard credit search
23rd May - valuation. Undervalued so sorted out the price with the seller.
26th May - requested payslips showing commission for the past year, last payslip and self assessments for 2 years

I'm doing LTV of about 55% on a 500k property

Do they normally do the valuation before requesting docs?
When do they do the identity check?
Will they still ask for bank statements?

Thanks in advance for any insight!

Yep - the valuation was completed after the hard search, but my documents weren’t checked until after the valuation and they continued to request further docs (SA100 and ID for my husband who is self-employed). 

Did they ask for bank statements too or not? It seems like sometimes they don't which I was surprised about
Are they very picky with entries on the statements?

The statements are checked, they look at everything and yes can be picky too