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

london21

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. 

They probably had a lot of application coming through, should hear back soon.

thriftypatos

Finally received our mortgage illustration today, after broker submitted full application last Sunday.

Secured the 5y fix at expired rate by the skin of our teeth! (4.2%)

1. Hopefully this means the formal offer is on its way? 

2. Should I be worried about this text which is included in the illustration? There was nothing to sign / accept.

” The information below remains valid until 07/10/22. After that date, it may change in line with market conditions.”

How can the illustration expire before they’ve processed our application and offer?!

ChemistDude

thriftypatos said:

Finally received our mortgage illustration today, after broker submitted full application last Sunday.

Secured the 5y fix at expired rate by the skin of our teeth! (4.2%)

1. Hopefully this means the formal offer is on its way? 

2. Should I be worried about this text which is included in the illustration? There was nothing to sign / accept.

” The information below remains valid until 07/10/22. After that date, it may change in line with market conditions.”

How can the illustration expire before they’ve processed our application and offer?!

Ours also submitted last Sunday says ” The information below remains valid until 02/10/22. After that date, it may change in line with market conditions.”

I'm speculating here but the date seems to be based on the date the illustration was generated/downloaded from the portal by the broker. @K_S can you shed any light please?

Saint84

I think had that too in terms of expiry date on date of issue

Emptychangejar

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 last Saturday and nothing.

I rung them yesterday to double check, the guy said they were really busy and running a bit behind (which is the response I expected but glad to have it confirmed all the same).
He said not to worry, application numbers should start to arrive Monday/Tuesday next week.

thriftypatos

Saint84 said:

I think had that too in terms of expiry date on date of issue

Sounds like it’s just standard procedure, but as a lawyer it doesn’t sit very well with me, as I read it to mean they’re reserving the right to change the terms on the basis of an expiry date that’s already passed!

K_S

The illustration/KFI/quote is simply a snapshot of a product/rate available at a certain point in time, hence the same-day validity mentioned on the illustration.

Ordinarily, the applicant will review the KFI/illustration prior to giving the broker the go ahead for the full application. As far as the application process is concerned, an illustration doesn't really have much relevance beyond that. Once a full application is successfully submitted for the product code mentioned in the illustration, the product is 'secured'. 

So in short there's nothing to worry about re the KFI mentioned only same-day validity. 

ChemistDude

K_S said:

The illustration/KFI/quote is simply a snapshot of a product/rate available at a certain point in time, hence the same-day validity mentioned on the illustration.

Ordinarily, the applicant will review the KFI/illustration prior to giving the broker the go ahead for the full application. As far as the application process is concerned, an illustration doesn't really have much relevance beyond that. Once a full application is successfully submitted for the product code mentioned in the illustration, the product is 'secured'. 

So in short there's nothing to worry about re the KFI mentioned only same-day validity. 

Thank you!

mose_2

Any news from anyone who applied on the Sunday? Week and a half and still nothing here. 

rc28

mose_2 said:

Any news from anyone who applied on the Sunday? Week and a half and still nothing here. 

We also applied on the same day and haven't heard anything back from them, except the email on Sunday saying application submitted and waiting on tracking number.