Natwest FTB successful stories please!

rebeccaj93

As the title says!

First time buyers and told myself I would stop torturing myself with these forums but I can't and I need to be filled with positivity!!

Been approved for multiple AIP before our application went in on Wednesday. The one before this last one was for 25k more. 

Broker says there are no red flags, he's done the affordability checks and we can afford it but this wait is awful. We are buying off market, love the house and in a fortunate position that the seller is happy to sell off market for agreed price of 135k. We have 5% deposit, 48k joint income. We do have credit card balances though which I am worried about, £500 on one, £1300 on another (although credit report not showing the last payment!), Broker wasn't concerned about these; please give me reassurance on this!!

Yesterday I heard from broker that they had asked a question about my last payslip so they were already starting process and the valuation is booked in for Monday! He hopes to hear by next week. And solicitor feels confident about the house being valued at what we have asked to borrow; although I have just had a thought, we have offered 135k, but asking to borrow 128,250, so does the house need to be valued at the amount we are asking to borrow?

I feel so sick with worry!! 

DullGreyGuy

rebeccaj93 said:
And solicitor feels confident about the house being valued at what we have asked to borrow; although I have just had a thought, we have offered 135k, but asking to borrow 128,250, so does the house need to be valued at the amount we are asking to borrow?

The valuation will be on what the property is worth, ie your offer. That is then used to calculate the LTV. If for example the valuation was just under £135k then the LTV would be over 95%... this could result in the interest rate increasing or the mortgage being declined if the product you've applied for only allows up to 95%.

Hopefully you'll get the same that we did which pretty much just said our offer was fine so the LTV stands... though we had paid slightly more deposit to give a little bit of wriggle room in case the valuation came a little under our offer. 

rebeccaj93

Ah ok that makes sense!! Thank you, seller wants a quick sell so 🤞 all goes well. Thank you!

ACG

You will be fine. 
With the stage that you are at, in 11-12 years as a broker I have only had natwest decline one application... They then accepted a second application 8 weeks later. 

There was a stage I should have just had a natwest sign above the door I was using them that much. I have used them a lot and rarely had problems once your have passed the credit and affordability checks. 

rebeccaj93

Thank you so much that has gave me some peace! The broker said it would be unlikely they would come back with any 'conditions' on paying the cards off, is that right? Cant thank you enough for that message 

ACG

I would be very surprised assuming your broker has entered it all correctly. 

DullGreyGuy

rebeccaj93 said:

Thank you so much that has gave me some peace! The broker said it would be unlikely they would come back with any 'conditions' on paying the cards off, is that right? Cant thank you enough for that message 

Depends on the affordability and how much wriggle room there is. 

We had been forced to make some big purchases before applying for a mortgage so credit card balances were higher than normal. We were asked to pay down one card but I'm 90% sure it was the broker saying to do so not Natwest. It was arguable a little odd given it was a chargecard not a credit card and so had to be paid in full in 2 weeks time anyway

Danieljw90

Me and my partner were first time buyers with NatWest, zero issues throughout the whole process. 

We borrowed 138500 on a 5% LTV, we had an outstanding loan, plus car finance but we still passed affordability 

rebeccaj93

Thank you so much for sharing. Just reassuring hearing others going through it and been successful 😊 hopefully same for us!

rebeccaj93

Update....we got our mortgage offer yesterday!! So less than a week from submitting it and that included the valuation! So pleased and overwhelmed it has actually happened! Thanks again for everyone's advice and support! 

folkestonelisa

That’s good to hear, I’m also a FTB with NatWest, and my mortgage was started last week, yesterday they asked for more pay slips, but I haven’t heard they have booked a valuation in yet, so I’m hoping that they are as quick as yours has been 😁