Re-assurance FTB application with NATWEST

Danieljw90

Not sure if its Re-assurance I need or my lack of knowledge being a FTB, 

I went with a Broker recommended by a family member and after submitting 3 months bank statements plus our payslips the broker recommended Natwest to us on a 95%LTV 

out property value is 145000, so a fair bit under the 206000 Natwest said they would offer

we went full application on the 23rd and had nothing since, hasn't been keyed as of yet (25/08) my broker has reviewed my paperwork and although can't say 100% he pretty much certain we will get to offer with this.. 

my partners credit on check my file is good, with mine being very-good, neither of us have 'adverse' credit. 

we are both slightly worried what happens now if we get declined what next? we really don't want to loose this property. 

ACG

Natwest are taking about 3-4 WEEKS to assess applications. Your broker should have really made you aware of this as it could mean you would prefer to pay a higher rate to get things moving quicker. 

In 10 years I have only had 3 applications declined by Natwest once you have a DIP. One was my fault, one was the clients for withholding information and the other was just underwriters discretion. They are not a bad lender, but at the moment they are slow. 

If you go on their website (for brokers) the first thing it says is:

We're currently experiencing high call volumes

Please do not contact us within the first 22 working days after you submit an application, as we'll be assessing your application

--------
There is nothing you can do for 22 days. 

https://www.intermediary.natwest.com/intermediary-solutions.html

Danieljw90

wow thank you for the reply, my broker was certain the turn around time was 7 days at present.. obviously not the case. 

K_S

Danieljw90 said:

Not sure if its Re-assurance I need or my lack of knowledge being a FTB, 

I went with a Broker recommended by a family member and after submitting 3 months bank statements plus our payslips the broker recommended Natwest to us on a 95%LTV 

out property value is 145000, so a fair bit under the 206000 Natwest said they would offer

we went full application on the 23rd and had nothing since, hasn't been keyed as of yet (25/08) my broker has reviewed my paperwork and although can't say 100% he pretty much certain we will get to offer with this.. 

my partners credit on check my file is good, with mine being very-good, neither of us have 'adverse' credit. 

we are both slightly worried what happens now if we get declined what next? we really don't want to loose this property. 

@denaieljw90 I'll echo what ACG said. NatWest are very slow at the moment (though there are other mainstream lenders that are even slower!) and you've used a broker so there's not much to do besides wait. 

NatWest are currently taking about 5 working days to pick up the application (at that point they instruct the valuation) and around 17 working days for it to get to underwriting. So there's not much to do but wait for around 4+ weeks or so from application.

ACG

Go and mither your broker from day 7. 

I dont understand how they have submitted an application without knowing. Its literally thrown in front of you as you go on their site. 

CRG1

We are in a similar boat and we are are now stressing because of the time it’s taking (even although still within SLA, currently on working day 15).

I’m employed and partner is self employed.

Our broker got a DIP pass from NatWest way above what we require so we moved to full application.

does anyone know how good your chances are if you passed the DIP via hard search?
what are the chances they ask for additional info/docs as obviously this will then take a further 5 working days and sellers becoming a little frustrated! 

We are in Scotland and no word on valuation, so not sure if they just use the home report value or not?

Thanks in advance 

ACG

Once you have a DIP, I would say you are 99% of the way there.
As for whether or not they will need additional documents, its not usual but not unheard of. 

CRG1

ACG said:

Once you have a DIP, I would say you are 99% of the way there.
As for whether or not they will need additional documents, its not usual but not unheard of. 

Thank you! 

Danieljw90

@CRG1 if its any help, my broker did a DIP that left a 'soft search' then did a full application and I received a hard search on the same day.