Natwest Buy to Let 2022

sharewithsunny

Hello Everyone

Seems as if there are less buy to let mortgages application to banks, So though to start the a post with current situation
I have submitted my buy to let mortgage with Natwest on 01-11-22 with 75% both Self employed.
The most important concern is how the bank assess the Rental value of the property, i heard they will consider £200 less if the average rent in the area is £1000
Has anyone submitted the buy to let mortgage with Natwest recently?

kingstreet

The chartered surveyor conducting the valuation of the capital value of the property will also establish its rental income potential.

sharewithsunny

I wish someone can share their time scale for Buy to let mortgage with Natwest.

JMA74

That particular rule isn't one I've heard of before. 

Natwest have btl calculators online that show the minimum rent required to be returned by yhe valuer.  If it doesnt meet that amount then it will reduce the loan available.  
https://mortgages.natwest.com/Intermediary/SmallLandlordRemoL4L

Service Levels are here: https://www.intermediary.natwest.com/intermediary-solutions.html

Valuation should be booked at the start so case takes a few days to be set up and then valuation is booked. Then you've currently got a 15 day wait for anything else to happen

sharewithsunny

Reading all other posts from self employed people i have already made my mind that it is going to test my nerves. 
I submitted joint apllication both self employed on 2nd Nov hard search done same day and documents submitted today on 4th.

sharewithsunny

I am trying to use calculator but dnt know what tax rate should i use.

JMA74

Once you add up all your income and then add in the rent from the new property will you be a basic rate taxpayer (low) or a higher rate taxpayer (high)?