Natwest mortgage 2021

Mollydog112

Hi all, first time poster here.
We submitted our NatWest application last Wednesday and our house got a physical mortgage valuation yesterday. Our broker said he’s been notified  that the survey has been completed and so it will now going to underwriting. Can anyone advise of a) how long this takes generally b) what they actual do as part of the underwriting and c)  has anyone had an experience of down valuation with NatWest? Our house is 332k we’re putting down a 20% deposit so can’t really afford to add much more to our deposit if it’s under valued - is this common?  I just wish we could find out if the mortgage is approved or not, the waiting is awful 😫

Thanks in advance!

ACG

a) 2-3 days after the valuation is carried out, you should have your offer.
b) assess bank statements, payslips mostly. 
c) Yes it happens, no its not common - we have not had one down valuation in over 12 months. Nothing to worry about if it does happen, it gives you something to go back and renegotiate with. 

Your underwriting will be done by now btw, it should just be the valuation you are waiting on. Natwest are on the ball at the minute, it is not taking them a week to underwrite (unless one of you are self employed?). 

Mollydog112

Thanks very much for your response ACG, that’s really useful.

Our valuation was done Monday - neither of us are self employed - so hopefully we should hear this week? 🙏🏼 Thanks for clarifying on the underwriting - I thought they valued first then did the underwriting so really useful to know that’s not the case!

ACG

You should hear today, possibly tomorrow. 

Mollydog112

Still haven’t heard anything..I assume they don’t work weekends? 😫  I so hoped we would have it boxed off this week...it’s killing me! Can our mortgage broker chase natwest or does it not work like that?

davebatt

I would ask your broker to check with Natwest. I applied directly online.. waited a week after the valuation had taken place heard nothing (was starting to fear the worst)

When I phoned them it turned out they were waiting for me to sign a form (even though they'd not communicated that to me)

Signed the form & uploaded it to digidocs, received a text message telling me that my application was approved & the offer of loan will be issued within 5 working days.. (online tracker still hasn't updated though & still showing me on Step 1 of 3)

ACG

I would probably give them a chase. You should have heard by now really. 

Mollydog112

Thanks. Infuriatingly our broker is off sick today so he can’t chase and I don’t know our ref number to chase myself - phoned NatWest and they can’t tell me anything without that ref number. So so annoying! 😫