NatWest Mortgage Timescale 2021

HJ1992

Hi, I'm new to the forums and just had a quick question. 

Is anyone able to confirm the different between pre-underwriting and underwriting? What do they look at, at each stage? 

Thanks

Anna_HB

Our timeline 
16th May DIP
16th May soft search
17th May full Application and all documents uploaded 
17th May hard search
24th May request for SA100
All documents  ✔️ on tracker 
26th May valuation arranged for 6th June
valuation and solicitor remaining pending on tracker 
next update 7th June. 

Just wondering where are we in our process? Does anyone know if underwriter checks everything before or after valuation 

vmguru

HJ1992 said:

Hi, I'm new to the forums and just had a quick question. 

Is anyone able to confirm the different between pre-underwriting and underwriting? What do they look at, at each stage? 

Thanks

Pre-underwriting is a quick check and the actually underwriting will dig deeper

1.Your income and expenses
2. Your debts
3. Your age

4. Your credit report

5. Your personal circumstances

6. The property itself

7. Meeting their legal responsibilities (The Financial Conduct Authority (FCA) ‘stress-test’)

Most of this this is done at application and pre-underwriting however underwriting digs deeper if they need to and making sure the property is a good enough security for the bank.

vmguru

Here is my timeline I am also waiting 

Self employed and an existing customer looking for additional borrowing on a buy-to-let product.
Application 5th May 2022
Valuation   11th May 2022
Natwest got my Valuation back on 13th May 2022
Zero feedback and still waiting today is 30th May 2022 - Not heard anything, zero communications from Natwest so far
 
On 17 working days after application and 13 working days after valuation.

Natwest underwriting is very busy the service levels have increased now.

Currently taking on average

Pre-Underwriting - 2 Days
Underwriting - 9 Days New business and Product Transfers with ABDO
Assess Further Information 9 Days - Documents submitted date

1% - Cases offered within 7 days
25% - Cases offered within 8 to 14 days (this is 54% last week)

Last updated: 30/05/2022 10:25am

Mrs6653

Day 7 for me, so hopefully getting close to seeing something happen on the tracker…. In that note, how many times a day can I check before it’s considered obsessive?  😀

vmguru

Mrs6653 said:

Day 7 for me, so hopefully getting close to seeing something happen on the tracker…. In that note, how many times a day can I check before it’s considered obsessive?  😀

hahaha i know that feeling I feel somewhat obsessive but hate the waiting I was reading on facebook some people have been waiting couple of months for a response back from Natwest. I am now on 18 working days after application and 14 working days after valuation.

Mimi1983

Another question. When entries are ticked on the tracker does that mean that's it for that task? I have ticks next to the document reviews and not heard anything else

SlinkyWeevil

So we are now 15 working days since application.  One employed, one self employed sole trader.  Broker has said NatWest are repeatedly requesting business bank account statement for the self employed, but as a sole trader no legal requirement for a business bank account so all transactions go through the current account (especially as turnover is small).  Broker has apparently told them this but they keep responding they need a business bank account.  Anyone else found themselves in a similar situation?  We’re feeling frustrated as we now seem stuck. 

vmguru

SlinkyWeevil said:

So we are now 15 working days since application.  One employed, one self employed sole trader.  Broker has said NatWest are repeatedly requesting business bank account statement for the self employed, but as a sole trader no legal requirement for a business bank account so all transactions go through the current account (especially as turnover is small).  Broker has apparently told them this but they keep responding they need a business bank account.  Anyone else found themselves in a similar situation?  We’re feeling frustrated as we now seem stuck. 

NatWest lending criteria is very picky I wouldn't go with Natwest being self employed I used to have a corporate job when I took my buy to let mortgage out it was very straightforward however now self employed Natwest is hardwork, the underwriting are somewhat cluess! they are very very slow! they can take many months to process self employed cases I have read on facebook I am losing faith with Natwest however lets see when they come back with a response.

SlinkyWeevil

vmguru said:

SlinkyWeevil said:

So we are now 15 working days since application.  One employed, one self employed sole trader.  Broker has said NatWest are repeatedly requesting business bank account statement for the self employed, but as a sole trader no legal requirement for a business bank account so all transactions go through the current account (especially as turnover is small).  Broker has apparently told them this but they keep responding they need a business bank account.  Anyone else found themselves in a similar situation?  We’re feeling frustrated as we now seem stuck. 

NatWest lending criteria is very picky I wouldn't go with Natwest being self employed I used to have a corporate job when I took my buy to let mortgage out it was very straightforward however now self employed Natwest is hardwork, the underwriting are somewhat cluess! they are very very slow! they can take many months to process self employed cases I have read on facebook I am losing faith with Natwest however lets see when they come back with a response.

Unfortunately we didn’t have a whole lot of choices when we went through it with the broker in terms of LTV and how much we want to borrow.  Will keep this thread updated as and when I hear back.  Ours is a residential mortgage too rather than BTL, but not sure how much difference that actually makes in practise