NatWest broker rates going up from tomorrow (3rd Oct)

mose_2

I applied Sunday online took 10 mins. Got to wait to upload docs now then wait for a decision. 

ChemistDude

Looks like we’re the NatWest class of 2nd October 🤣

Will keep ya’ll updated with how things progress. Good luck to all of us last minute rate securers!  🤝

kazzyb123

ChemistDude said:

kazzyb123 said:

ChemistDude said:

K_S said:

Just received notification from NatWest about broker rates going up, available from tomorrow. The email says the new rates are "immediately effective" so I imagine it's no longer possible to submit an application for the old rates but do check with your brokers if you have any applications ready to go.

See here for the latest product guide https://www.intermediary.natwest.com/intermediary-solutions/products.html

Please note this may or may not be applicable for direct rates, I am only talking about NatWest broker rates.

 

Just want to say a huge THANK YOU! I already had an urgent session with my broker booked for today as I was concerned about what's happening with rates. Our 5 year fix at 2.25% ends June 2023 and we managed to get an application in today with NatWest today for a 5 year fix at 3.8%. Had I not seen your post I may have stalled and waited till next week so thank you for that!

How did you manage that? My broker on Friday said there was nothing he could do without going through the whole affordability checks again even though I knew exactly what we wanted to do. Ours renews July and I made an appointment for a zoom call with NatWest in 6 weeks! It’s already gone up £43 since Friday.
is my broker able to sort it for me in one day

So on Wed/Thurs I started panicking about what the rates could be like next year and arranged a call with my broker for Sunday to see what we could do (our current fix ends June 2023). He asked me to get all my paperwork in order and so I had scanned and pdf’d everything and put in Dropbox.

The OP of this thread then alerted us all that NatWest was upping their rates but computer systems hadn’t been updated yet, and so during the call with the broker Sunday afternoon, they checked my affordability etc and proceeded with the application there and then so we could lock in and secure the rate at 3.8%. It would have been 5.1% if we had waited 1 more day!

To give you an idea, I probably spoke to my broker for less than 2 hours tops as I had scanned and saved everything off (ID/payslips/statements/checkmyfile report etc) and produced a spreadsheet with salary/income information, details of all my mortgages/loans, a soft debt to income calculation, etc so make it as simple and straightforward as possible.

Glad you managed to get it sorted, I didn’t realise you had gone through all of the affordability stuff with the broker, my partner is self employed and has lower figures due to covid so we can’t do that, will just have to wait!

ChemistDude

kazzyb123 said:

ChemistDude said:

kazzyb123 said:

ChemistDude said:

K_S said:

Just received notification from NatWest about broker rates going up, available from tomorrow. The email says the new rates are "immediately effective" so I imagine it's no longer possible to submit an application for the old rates but do check with your brokers if you have any applications ready to go.

See here for the latest product guide https://www.intermediary.natwest.com/intermediary-solutions/products.html

Please note this may or may not be applicable for direct rates, I am only talking about NatWest broker rates.

 

Just want to say a huge THANK YOU! I already had an urgent session with my broker booked for today as I was concerned about what's happening with rates. Our 5 year fix at 2.25% ends June 2023 and we managed to get an application in today with NatWest today for a 5 year fix at 3.8%. Had I not seen your post I may have stalled and waited till next week so thank you for that!

How did you manage that? My broker on Friday said there was nothing he could do without going through the whole affordability checks again even though I knew exactly what we wanted to do. Ours renews July and I made an appointment for a zoom call with NatWest in 6 weeks! It’s already gone up £43 since Friday.
is my broker able to sort it for me in one day

So on Wed/Thurs I started panicking about what the rates could be like next year and arranged a call with my broker for Sunday to see what we could do (our current fix ends June 2023). He asked me to get all my paperwork in order and so I had scanned and pdf’d everything and put in Dropbox.

The OP of this thread then alerted us all that NatWest was upping their rates but computer systems hadn’t been updated yet, and so during the call with the broker Sunday afternoon, they checked my affordability etc and proceeded with the application there and then so we could lock in and secure the rate at 3.8%. It would have been 5.1% if we had waited 1 more day!

To give you an idea, I probably spoke to my broker for less than 2 hours tops as I had scanned and saved everything off (ID/payslips/statements/checkmyfile report etc) and produced a spreadsheet with salary/income information, details of all my mortgages/loans, a soft debt to income calculation, etc so make it as simple and straightforward as possible.

Glad you managed to get it sorted, I didn’t realise you had gone through all of the affordability stuff with the broker, my partner is self employed and has lower figures due to covid so we can’t do that, will just have to wait!

Thank you. Best of luck to you too. Hope you can secure something reasonable too soon 🤞. With a bit of luck, rates stay stable now until November when BoE next hikes.

thriftypatos

Still haven't heard whether approved and on old rate. Broker saying don't worry about it, but easier said than done.

And now our buyer has pulled out, citing panic in the market and fear of 30% value drops. Hereth bursteth the housing bubble.

ChemistDude

thriftypatos said:

Still haven't heard whether approved and on old rate. Broker saying don't worry about it, but easier said than done.

And now our buyer has pulled out, citing panic in the market and fear of 30% value drops. Hereth bursteth the housing bubble.

Sorry to hear about the buyer pulling out, hope you find a new one asap.

Re: new mortgage, my broker advises NatWest SLA's is around 19 days due to heavy demand. Got my mortgage illustration:Looks like all being well it should go through as long as we meet the affordability criteria. 

Hallion

Has anyone who completed the application online last weekend received an email with their mortgage application number? I completed the application on Sunday but haven't yet received anything since the confirmation email that the application was received. 

mose_2

Nope nothing 

Ayla172

Hallion said:

Has anyone who completed the application online last weekend received an email with their mortgage application number? I completed the application on Sunday but haven't yet received anything since the confirmation email that the application was received. 

I applied on Thursday 29/9 and just received my tracking number last night. Word of warning it may not work until the following day to save you some panic. I imagine if we work off the same number of working days yours should be early/mid next week accounting for extra volume of applications near the end of the week. 

Ayla172

Ayla172 said:

Hallion said:

Has anyone who completed the application online last weekend received an email with their mortgage application number? I completed the application on Sunday but haven't yet received anything since the confirmation email that the application was received. 

I applied on Thursday 29/9 and just received my tracking number last night. Word of warning it may not work until the following day to save you some panic. I imagine if we work off the same number of working days yours should be early/mid next week accounting for extra volume of applications near the end of the week. 

To add also, hard searches were done on 6/10 but didn't appear on my report until today in case you are checking for it