NatWest Mortgage Timescale 2021

onemouseplace

Thanks!  Obviously there is now an issue with our buyer's mortgage application so our sale is not proceeding quite as smoothly as we might have hoped, but I guess you can't have everything!

Mrs6653

I see the service times have increased again! So annoying 😞

vmguru

Mrs6653 said:

I see the service times have increased again! So annoying 😞

The service times are not being met, i submitted my additional documents last month on 29/05 and today is 20/06 done absolutely nothing, not even looked at them and still with underwriting.

5 Day Pre-Underwriting
15 Days for underwriting
5 Days for additional documents 

Natwest has taken nearly 2 months so far me and nothing very poor service. 

Mrs6653

Oh that is just ridiculous. I really wish I’d gone elsewhere. 

Lollypop18

My offer was really quick after valuation but I’m nearly on two months with the free legals on my remortgage - I wish I had paid for conveyancer myself  

SlinkyWeevil

Just had a call from broker to say mortgage is approved (THANK GOD), but it’s another 5 working days to receive the formal offer.  He said to me they’ve been outrageously busy, missed all the usual deadlines and timescales and that they are incredibly slow.

Thankfully it’s actually not delayed us hugely because we are still awaiting draft contracts, but today marks 6 weeks since our application was submitted.  Once we have the paperwork I’ll update the thread again with our full timescales in case it’s helpful for anyone else 

vmguru

SlinkyWeevil said:

Just had a call from broker to say mortgage is approved (THANK GOD), but it’s another 5 working days to receive the formal offer.  He said to me they’ve been outrageously busy, missed all the usual deadlines and timescales and that they are incredibly slow.

Thankfully it’s actually not delayed us hugely because we are still awaiting draft contracts, but today marks 6 weeks since our application was submitted.  Once we have the paperwork I’ll update the thread again with our full timescales in case it’s helpful for anyone else 

Congratulations well done, its good job you used a broker better than going directly. 

alanyau88

Timeline:
Application on 24.05.22
Valuation on 15.06.22
Request for documents on 16.06.22
Mortgage Offer agreed online on 22.06.22

5 working days for written Mortgage Offer to be sent to me and solicitor.  So just under 1 month for my application to go through and that was mainly because of Surveyors delay.  I went through a broker but you can also check your track your Natwest application online with your account number and details.  Good luck!

Giggidy

SlinkyWeevil said:

Just had a call from broker to say mortgage is approved (THANK GOD), but it’s another 5 working days to receive the formal offer.  He said to me they’ve been outrageously busy, missed all the usual deadlines and timescales and that they are incredibly slow.

Thankfully it’s actually not delayed us hugely because we are still awaiting draft contracts, but today marks 6 weeks since our application was submitted.  Once we have the paperwork I’ll update the thread again with our full timescales in case it’s helpful for anyone else 

Congrats! Must be such a relief, hopefully the rest goes through quickly for you. Would be great to see your timescales for comparison

alanyau88 said:

Timeline:
Application on 24.05.22
Valuation on 15.06.22
Request for documents on 16.06.22
Mortgage Offer agreed online on 22.06.22

5 working days for written Mortgage Offer to be sent to me and solicitor.  So just under 1 month for my application to go through and that was mainly because of Surveyors delay.  I went through a broker but you can also check your track your Natwest application online with your account number and details.  Good luck!

Congrats to you too! Yours went through pretty quickly, only 4 days for checking documents. We are on day 6 since document requests but I'm self employed and it seems to be what's holding things up, as the last few tracking updates shows them looking at only my side of the documents. Gah!

SlinkyWeevil

Hello! 

Our mortgage offer came through today, so from start to offer received has been 32 working days, (30 if you take out the jubilee bank holiday). 

Our situation is FTB, 70% LTV, residential mortgage on a 5 year fix, one employed and one self employed.  Application submitted by a broker who, as far as I know, submitted all paperwork and evidence at the time of submitting the application.

09/05/22 Offer accepted.

10/05/22 Application submitted.

20/05/22 Mortgage valuation done.

Then we had a bit of back and forth where they apparently kept repeatedly questioning the self employed bank account statement as it isn’t a dedicated business bank account (sole trader).  Broker explained the current account is used for business purposes and this was finally accepted. 

06/06/22 Broker called me to confirm property valued at the amount we offered, and that mortgage was in a queue to go to underwriting “next week some time”.

21/06/22 Broker called me to confirm mortgage agreed, formal offer to arrive within 5 working days.

23/06/22 Mortgage offer arrived in my inbox with copies sent to solicitor and broker at the same time.  

All the paperwork is correct thankfully, and I must commend the broker on doing an excellent job.  He’s been incredibly patient with us considering we got our first DIP from him way back in Feb 2021 and kept getting outbid on every house we offered on.  So he’s effectively worked for free for us for over a year without complaint as his terms only require payment when we actually get a formal offer. 

Everyone wish me luck in obtaining the draft contracts as that is our next obstacle haha.