NatWest Mortgage Timescale 2021

DZ1809

Mimi1983 said:

DZ1809 said:

Finally just had the email to say our mortgage has been approved😅 fingers crossed for you all hope you get your approvals through soon!

Well done!
What did they ask you for and what was the progress on your tracker?
They’ve had my SA for over a week all ticked and said nothing else. Broker hasn't got any info either.  I'm employed but have additional income and that's all the docs they've asked for plus payslips

Thanks! 

They asked for our latest payslip and bank statement each. I don’t know an awful lot in relation to the tracker as our broker took control with it and updated us when there was any changes etc. 

Our broker wasn’t too happy with them as they never instructed a valuation as quick as they should have - our application was submitted on 10/5 and a valuation wasn’t instructed until 18/5 which was annoying😅

Mimi1983

DZ1809 said:

Mimi1983 said:

DZ1809 said:

Finally just had the email to say our mortgage has been approved😅 fingers crossed for you all hope you get your approvals through soon!

Well done!
What did they ask you for and what was the progress on your tracker?
They’ve had my SA for over a week all ticked and said nothing else. Broker hasn't got any info either.  I'm employed but have additional income and that's all the docs they've asked for plus payslips

Thanks! 

They asked for our latest payslip and bank statement each. I don’t know an awful lot in relation to the tracker as our broker took control with it and updated us when there was any changes etc. 

Our broker wasn’t too happy with them as they never instructed a valuation as quick as they should have - our application was submitted on 10/5 and a valuation wasn’t instructed until 18/5 which was annoying😅

How long before the valuation?
They booked mine quick time and took the fee out a week before when they did the hard credit search
Bit odd they only asked for some docs a week after the valuation and no bank statement request. The wait is painful! 

vmguru

Channy8 said:

22 Feb               DIP received
5 April                Offer accepted
29 April               Valuation
5 May                  Applied for Mortgage offer
16 May                 Lender asked questions regarding some of my transcations on bank statements and asked for more documents

17 May                  I replied Lender

17 May                  I instructed solictors to start searches

25 May                  I paid product fee

6 June                   no update yet

I think the clock really starts when you make the application for you its 5th of May the same day as mine! Give them a call get an update from them, make sure you haven't got anything outstanding in digidocs for all applicants.

I did response back from Natwest just before the bank holiday asking for more information and 12 months worth of bank statements which I have given them, underwriters at Natwest not fastest and just too many questions. They don't like self employed people.  I am expecting a decision anytime now as I have given them everything possible.    I made the mistake of taking further borrowing with Natwest I really should have re-mortgaged to a different lender it would have been easier and less painful. Natwest isn't a good leader for buy-to-lets as they don't  allow rental income for your affordability calculations which makes no sense!

 

Mimi1983

Broker hasn't got a clue so I'm on hold to natwest its been about 20mins so far they must be really busy!

Mrs6653

NatWest asked on Monday for SA100…can anyone tell me of this would be part of pre-under-writing or under-writing ? 

vmguru

Mrs6653 said:

NatWest asked on Monday for SA100…can anyone tell me of this would be part of pre-under-writing or under-writing ? 

I sent my SA302 and SA100 right at the start of the application I think this is normally checked at pre-underwriting.

vmguru

Mimi1983 said:

Broker hasn't got a clue so I'm on hold to natwest its been about 20mins so far they must be really busy!

You will find NatWest also somewhat cluess wait till you get to underwriting biggest mistake I made is to get additional borrowing with Natwest being an existing customer makes no difference to service level times! my application was 5th May 2022 and today is 7th Juune 2022 I have sent them all the requested information however they will drag this out. Painful wait, over 1 month now for something that should be done much faster being additional borrowing application. I will never use NatWest again after this experience.

Mrs6653

Our vendors are buying a new build and looking to exchange end of August I’m really worried about any delays that may be costly for them !

vmguru

Mrs6653 said:

Our vendors are buying a new build and looking to exchange end of August I’m really worried about any delays that may be costly for them !

You have a few months hopefully that should be enough time for you if NatWest approve.

vmguru

Today is June 8th 2022 and still waiting for something that should have been straightforward being additional borrowing!

Self employed
Application 5th
Valuation   11th
Lots of questions 29th May
Still waiting for response 8th June

We are on 22 working days after application and 19 working days after valuation wow! crazy amount of time for additional borrowing for an existing customer, I no longer  wish to carry on being a NatWest customer after this experience.

My mistake is going directly with NatWest being an existing customer it would have been easier for me to change lenders than get additional borrowing with Natwest. The fact they happy to give you a buy to let mortgage but don't count rental income into your calculations is ridiculous! any property investors stay away from Natwest and use a good broker because Natwest lending criteria didn't suit my circumstances.