NatWest Mortgage Timescale 2021

vmguru

SlinkyWeevil said:

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.

Sounds like a great broker, if you don't mind can you share the details are DM me, thanks

Mimi1983

vmguru said:

Been waiting long time now, I have no idea why this is taking so long

Currently on 49 working days since application and 29 Working days since valuation.

49 calendar days – 16 days skipped:

Excluded 7 Saturdays

Excluded 7 Sundays

Excluded 2 holidays:

Timeline:
05/05 - Application submitted
11/05 - Valuation
26/05 - Request for additional documents
06/23 - Still with underwriting being checked/processed

Something sounds weird there! What did they say when you called up and asked why it's taken well over their timescales?

vmguru

Mimi1983 said:

vmguru said:

Been waiting long time now, I have no idea why this is taking so long

Currently on 49 working days since application and 29 Working days since valuation.

49 calendar days – 16 days skipped:

Excluded 7 Saturdays

Excluded 7 Sundays

Excluded 2 holidays:

Timeline:
05/05 - Application submitted
11/05 - Valuation
26/05 - Request for additional documents
06/23 - Still with underwriting being checked/processed

Something sounds weird there! What did they say when you called up and asked why it's taken well over their timescales?

I made an error it's actually 34 working days since application and 30 days since valuation.

Looking at current Natwest service levels for brokers the timescales are 15 working days for underwriting and 4 Days for further assessment of additional information, pre-underwriting is 4 days. Mine was a direct application perhaps working to different service levels.

Looking at the case offer stats

11% offered within 7 Days
26% offered with 14 Days
63% Offered Longer than 14 Days

I am in the 63% longer than 14 Days, currently at 34 working days since my application, I will allow until next week now because I have already chased once this week for an update.

I know they are very busy with backlogs with everyone wanting to move onto fixed rates. My past experience with NatWest has been very good however I just think they are currently overloaded and unable to deliver good levels of service at the moment.

Giggidy

vmguru said:

Mimi1983 said:

vmguru said:

Been waiting long time now, I have no idea why this is taking so long

Currently on 49 working days since application and 29 Working days since valuation.

49 calendar days – 16 days skipped:

Excluded 7 Saturdays

Excluded 7 Sundays

Excluded 2 holidays:

Timeline:
05/05 - Application submitted
11/05 - Valuation
26/05 - Request for additional documents
06/23 - Still with underwriting being checked/processed

Something sounds weird there! What did they say when you called up and asked why it's taken well over their timescales?

I made an error it's actually 34 working days since application and 30 days since valuation.

Looking at current Natwest service levels for brokers the timescales are 15 working days for underwriting and 4 Days for further assessment of additional information, pre-underwriting is 4 days. Mine was a direct application perhaps working to different service levels.

Looking at the case offer stats

11% offered within 7 Days
26% offered with 14 Days
63% Offered Longer than 14 Days

I am in the 63% longer than 14 Days, currently at 34 working days since my application, I will allow until next week now because I have already chased once this week for an update.

I know they are very busy with backlogs with everyone wanting to move onto fixed rates. My past experience with NatWest has been very good however I just think they are currently overloaded and unable to deliver good levels of service at the moment.

I honestly do feel for you, having had to wait this long for what seems just a simple remortgage, especially as others on here have submitted new mortgage applications after you and seemed to have had their offers quicker. Fingers crossed it happens for you soon.

We used a broker who was incredibly slow in dealing with and submitting our requested documents, after nearly 3 weeks off them faffing about I threw my toys out the pram and only then they finally sent it off. Today was told the underwriting team at Natwest are no longer on 12 days, but now on 15, so we are looking at possibly hearing back only by the 6th July. This isn't a big thing in itself, it's just jarring to know the brokers wasted 3 weeks, and we could have heard back by now had it been submitted expeditiously.

Mrs6653

Update from my broker… 

I have checked in with NatWest today, and they have now extended the processing time so will respond by close of business on Wednesday.

😓

They are at least chasing and will speak to the business development manager at Natwest

Mw3hgd

Does anyone know when NatWest say the mortgage is agreed and is with the offers team for final checks before the offer is sent, if they ask for anything more at this stage?  That’s the latest update I had today.

Mimi1983

Does anyone know whether they do another credit check before completion?

vmguru

Mimi1983 said:

Does anyone know whether they do another credit check before completion?

I have noticed a audit credit search done on me so all i can assume Natwest have ran another check on me before they decide on outcome. My hard credit search was done at the time of application.

Mw3hgd

My timescale is as follows:

5th May - full application submitted
24th May - valuation
25th May - notified that house was down valued
13th June - new property details submitted to broker
23rd June - new valuation completed
27th June - offer received

I personally cannot fault NatWest and their underwriting.  I am employed and applied through a very good, efficient broker.

Channy8

Finally!!

I received my Mortgage offer today