NatWest Remortgage and Debt Consolidation

CatLady11

Hi there, I have noticed a lot of posts around NatWest applications and delays etc so I thought I would share mine and maybe ask for some advice too. We are looking to remortgage to NatWest with debt consolidation (at 80% LTV). So stressful as this will make us a lot more financially stable but understand it’s not straightforward and there needed to be quite a bit of looking into. 

Contacted broker: 23/08/22
Documentation sent and received: 30/08/22
AIP received: 31/08/22
Full application submitted: 02/09/22
Hard Credit Search: 02/09/22
Desktop valuation completed: 09/09/22
Payslips and documents reviewed: 13/09/22
Requested further info on debt and response submitted: 14/09/22
Further information reviewed: 22/09/22
Broker confirmed file has gone to Offer Team: 23/09/22 (but nothing updated on tracker)

We seem to have come to a standstill and the broker eventually got through and was told not to contact again before 03/10/22. So I guess just looking for some reassurance this will happen. Also, if it does go through has anyone got any experience with how the transfer of funds happens and do Natwest or solicitor pay off the credit cards/loan or will we be asked to do this? 

Thanks! 

CSL0183

Can’t say what NatWest do but went through something similar with Halifax and no solicitor involved, funds transferred into chosen bank account and no actual checks if funds were used to pay debts off. They trusted us to do it ourselves, Although in my case I was taking out further borrowing with the same lender.  

CatLady11

Thank you, that’s surprising I had wondered if they would add an agreement that we would need to commit to pay off but wasn’t sure. 

Fendal71

I’ve just been through a similar process with NatWest and have an offer which is currently with their nominated solicitors to do the transfers etc. just to note my mortgage was split into 3 parts (at the same secured rate) one to pay off existing mortgage, 2) to pay off consolidated debt, 3) for additional borrowing (house renovations). I’m not sure if the solicitors pay off the consolidated debt or if I do, or will become clear in December when the remortgage will complete. 

CatLady11

Fendal71 said:

I’ve just been through a similar process with NatWest and have an offer which is currently with their nominated solicitors to do the transfers etc. just to note my mortgage was split into 3 parts (at the same secured rate) one to pay off existing mortgage, 2) to pay off consolidated debt, 3) for additional borrowing (house renovations). I’m not sure if the solicitors pay off the consolidated debt or if I do, or will become clear in December when the remortgage will complete. 

Did you ask for it to be split in 3 parts or was this done automatically? I’m still
waiting on my offer to come through so all feels a bit up in the air. 

Fendal71

No they did this automatically, it was all written up as part of the offer letter. Hopefully you shouldn’t have too much longer to wait.

CatLady11

Fendal71 said:

No they did this automatically, it was all written up as part of the offer letter. Hopefully you shouldn’t have too much longer to wait.

The fact it’s taking so long makes me wonder if that’s what the hold up is and they are doing this for us too. 

Fendal71

CatLady11 said:

Fendal71 said:

No they did this automatically, it was all written up as part of the offer letter. Hopefully you shouldn’t have too much longer to wait.

The fact it’s taking so long makes me wonder if that’s what the hold up is and they are doing this for us too. 

This could possibly be the case - it took about 3 weeks for mine to come through - submitted application 11th August and got the offer letter 25th August via email directly from NatWest! I was only consolidating one debt though, but the fact it’s with the offer team is a good sign I would say 😊