Mortgage Delays - Natwest

carnbrea

I would welcome some advice. I have a straightforward relatively small mortgage which only is 24% of the asking price. I have a secure local government job and am borrowing well within my means so the lending is straightforward. I independently searched the best deals and the large banks had similar products. As my bank account has been with Natwest since birth I thought it would simplify things to go with them. Worst decision ever. 
I have sold my own house and in temporary accommodation paying associated rent and other fees, my prospective property had 3 offers so we had a competitive market which having sold the bid went in our favour.
So a timeline I applied on the 9th December direct to Natwest and the application was straightforward with my advisor happy with all the financial information. It was insisted that I used their valuer to value the property rather than my own independent homebuyer survey by a registered surveyor. This was booked for the 11 January, they asked for an unnecessary mundic report which due to the age and construction was not required. This was accepted on the 22nd January. Since then everything has totally stalled, even the mortgage advisor who has been chasing the underwriters has told me it is not good enough. No one can tell me what is happening or what the delay is and communication just stinks. 
I have gone through the complaints process which took longer than it should of. I complained re the need to use their valuer which was declined and about the delay, this was upheld and compensation paid. This was a week ago and still no communication or any indication of the delay. I am pulling my hair out, the complaints department takes a week to respond to any communication and the Natwest mortgage advisor is getting nowhere. Has anyone experienced this before and has any advise? I will be in touch with the ombudsman but I am in a situation I could lose the property if this is not resolved. I am not sure how quickly another mortgage company could do a mortgage and ultimately I have paud 1,500 in fees and valuations with Natwest. Highly stressed and anxious and no idea how to resolve quickly. I am not after more compensation as much as the mortgage offer to be resolved. I am stuck how to proceed................................

K_S

@carnbrea The valuation as part of the mortgage application process is always instructed by the lender, for any lender. That'll be the case even if you change lenders.

For a small 25% LTV mortgage relying only on basic pay should definitely not be taking this long. I've had two straightforward PAYE purchase apps go to offer the same week last week.

You *could* potentially apply for a mortgage with another lender and see what happens but of course that may involve another valuation fee. If you've paid a NatWest product fee, that should be refundable if it falls through.

carnbrea

K_S said:

@carnbrea The valuation as part of the mortgage application process is always instructed by the lender, for any lender. That'll be the case even if you change lenders.

For a small 25% LTV mortgage relying only on basic pay should definitely not be taking this long. I've had two straightforward PAYE purchase apps go to offer the same week last week.

You *could* potentially apply for a mortgage with another lender and see what happens but of course that may involve another valuation fee. If you've paid a NatWest product fee, that should be refundable if it falls through.

Thank you it is so frustrating and there just seems no means of redress. To go with another lender if I need another valuation won't be that quick either. I have paid a fee of over a £1,000 as well as the valuation. 

luckylucy85

We are also in a similar situation with our mortgage, we applied before Christmas and NatWest have been dragging their heels with offering us the mortgage. We have been chasing our mortgage broker almost daily and then yesterday it turns out that NatWest have lost our application and we have to submit it again! We were also told they are prioritising first time buyers. Our current mortgage is with NatWest but it was with help to buy so we can’t port it.... I am so frustrated as we could also loose the house we put an offer in. They have told us we are now top priority to get this sorted but I won’t believe it until I see it! 

[Deleted User]

luckylucy85 said:

yesterday it turns out that NatWest have lost our application and we have to submit it again! We were also told they are prioritising first time buyers. 

Both of those points sound made up to me.   A lender cant just 'lose' an application.   Perhaps it lapsed due to an outstanding case requirement not being satisfied for too long.    And i have not heard of them or any lender prioritsing ftb over home mover or remortgage.  Their applications go in to 2 piles as far as I know, 1 for employed and 1 for self employed.  

Maybe i am being cynical and have been around for too long but it just doesn't sound believable to me