NatWest mortgage application

JellyphantCastle

Hi guys, I’ve lurked for a very long time but this is my first post. In a nutshell, husband and I have put in a mortgage application with NatWest via our broker, we are FTBs and have applied for their 95% LTV government backed FTB mortgage. 

We have a very good household income but I am carrying some personal loan debt. By playing around with affordability calcs I realised that rather than putting down 7% deposit, I could put down 5% and use the excess to pay down some debts. I hastily did that just before the application went in but I know that my credit file won’t have updated that yet. 

Anyway, I got my AIP last week which states we could borrow £43k more than we’ve actually asked for. Soft ID verification search was done the same day as the application went in, and then a hard search the following day showing on both mine and my husband’s credit file. They have come back and requested payslips, bank statements and gifted deposit letter. 

I guess I’m terrified that my file is showing higher debts and I will be rejected based on that when I know my situation has now improved. My broker said “the application went in successfully with no issues” - does this mean I’ve already passed the first hurdle and the fact they’ve asked for documents means I’ve not been rejected outright? 

My anxiety is through the roof and I am struggling to concentrate :-( any reassurance much appreciated. 

danlewi2

As long as you have declared the debts on application and advised you will clear them prior to the mortgage being put in place then the underwriter should dismiss them as part of affordability checks. Passing the AIP means they have completed a soft check on you and are reasonably comfortable with your credit history. Obviously evidencing of payslips and bank statements confirms you should be able to afford the mortgage going forward. Hope this helps.

kingstreet

NatWest often asks for evidence of the funds needed to repay any debt marked as such.