NatWest Mortgage - taking a while

ohgoodgrief

Hello
I’ve been reading all the posts I can but still looking for reassurement I guess. 

Husband and I are FTB. Have always rented and managed to save a 10% deposit. I had some years ago a lot of adverse credit history from divorce, I’ve worked hard to clear it all, and there are no defaults on my credit file. However, we were not expecting to apply for a mortgage so quickly (rental property is deteriorating in maintenance and landlord contemplating selling) but with interest rates and our rental not secure, we decided it was time. 

Husband is self employed and I am employed. We applied via a broker, timeline is as follows:

07/06 - application submitted 
09/06 - request for further SA100 - sent immediately
15/06 - broker let us know valuation was booked for 19/06
15/06 - broker then updated to say valuation was now 23/06
16/06 - broker messaged is afternoon to say valuation completed by desktop that day instead and valuation should be in next 48 hours

We haven’t had any further requests for information yet, but broker messaged yesterday to say NatWest had upped service times to 6 days which they thought was due to interest rates rising. 

I just wondered if this is normal for NatWest to have radio silence three days after valuation. I’m FTB and panicking they will see me spending on my bank statements (as wasn’t expecting to be applying for a mortgage so quickly). Or whether no news is good news?!

ohgoodgrief

Just to add, we downloaded our full credit files from mycreditfile and sent them to the broker so the information on the application completely matched the credit files.

RedCannon94

Hey. Similar position here (FTB - 90% application with Natwest just gone in)

Natwest's turnaround from the point you are is surprising. According to their Intermediary site, it's 6 days to go from application to underwriting so even with any delays, someone should have seen it considering your current timeline. 

I'd ask your broker to reach-out to see if there's a contact there. You don't want to be stuck waiting 3 weeks to find out they won't offer you the mortgage (Been in that boat previously) 

We submitted an app on Monday and expect a response tomorrow or Friday (Both employed though) so I'd definitely try to push for a response considering the wait you'd already encountered.

ohgoodgrief

RedCannon94 said:

Hey. Similar position here (FTB - 90% application with Natwest just gone in)

Natwest's turnaround from the point you are is surprising. According to their Intermediary site, it's 6 days to go from application to underwriting so even with any delays, someone should have seen it considering your current timeline. 

I'd ask your broker to reach-out to see if there's a contact there. You don't want to be stuck waiting 3 weeks to find out they won't offer you the mortgage (Been in that boat previously) 

We submitted an app on Monday and expect a response tomorrow or Friday (Both employed though) so I'd definitely try to push for a response considering the wait you'd already encountered.

Thank you. Broker is unconcerned about length of time and doesn’t seem concerned about chasing yet - I’m wondering if the 6 days is post valuation?

RedCannon94

ohgoodgrief said:

RedCannon94 said:

Hey. Similar position here (FTB - 90% application with Natwest just gone in)

Natwest's turnaround from the point you are is surprising. According to their Intermediary site, it's 6 days to go from application to underwriting so even with any delays, someone should have seen it considering your current timeline. 

I'd ask your broker to reach-out to see if there's a contact there. You don't want to be stuck waiting 3 weeks to find out they won't offer you the mortgage (Been in that boat previously) 

We submitted an app on Monday and expect a response tomorrow or Friday (Both employed though) so I'd definitely try to push for a response considering the wait you'd already encountered.

Thank you. Broker is unconcerned about length of time and doesn’t seem concerned about chasing yet - I’m wondering if the 6 days is post valuation?

Should be closer to 6 days from application start to finish, not valuation to offer. Would definitely try to escalate it.

ohgoodgrief

Thank you - I spoke to broker this morning and she chased. They said they needed SA100 and bank statements - she replied and said they already have them! They then went off and called back to say the underwriter has approved for offer and offer paperwork should be with us in 2-4 days. I think this is good?!

DLH215650

Hi

I have read through this forum and its proved really helpful so I thought I would add our experience and timescale with Natwest. Also worth noting we went through a broker (who has been excellent) and would fully recommend going down this route.  FTB. 

22/5/23 - Official mortgage offer made and bank statements, credit reports, deposit proof, wage slips and bonus wage slips requested and submitted
31.5.23 - Hard search done (Soft search done a few weeks ago at A.I.P offer)
5.6.23 - Valuation done
7.6.23 - More info requested as copies were 'grainy' so had to PDF them
14.6.23 - More proof of bonus slips for last 2 years requested. Submitted. Didn't hear anything after this....Radio Silence
20.6.23 - Official mortgage offer received via email ( We can sleep now! )

So pretty much 4-5 weeks for us from official application to Official Mortgage offer and estimated 5-6 weeks wait now for solicitors to do their work now. That's fine for us and no issues with the Natwest and process. We had no chain and neither did the seller so maybe that sped things up a little I don't know? 

One thing I will say...Our broker was saying it is absolute carnage in the mortgage market and the minute for various reasons. Must be a tough job at the minute being a broker.  
Good luck to everyone else!

RedCannon94

ohgoodgrief said:

Thank you - I spoke to broker this morning and she chased. They said they needed SA100 and bank statements - she replied and said they already have them! They then went off and called back to say the underwriter has approved for offer and offer paperwork should be with us in 2-4 days. I think this is good?!

If you have an offer in, that's brilliant news!

RedCannon94

DLH215650 said:

Hi

I have read through this forum and its proved really helpful so I thought I would add our experience and timescale with Natwest. Also worth noting we went through a broker (who has been excellent) and would fully recommend going down this route.  FTB. 

22/5/23 - Official mortgage offer made and bank statements, credit reports, deposit proof, wage slips and bonus wage slips requested and submitted
31.5.23 - Hard search done (Soft search done a few weeks ago at A.I.P offer)
5.6.23 - Valuation done
7.6.23 - More info requested as copies were 'grainy' so had to PDF them
14.6.23 - More proof of bonus slips for last 2 years requested. Submitted. Didn't hear anything after this....Radio Silence
20.6.23 - Official mortgage offer received via email ( We can sleep now! )

So pretty much 4-5 weeks for us from official application to Official Mortgage offer and estimated 5-6 weeks wait now for solicitors to do their work now. That's fine for us and no issues with the Natwest and process. We had no chain and neither did the seller so maybe that sped things up a little I don't know? 

One thing I will say...Our broker was saying it is absolute carnage in the mortgage market and the minute for various reasons. Must be a tough job at the minute being a broker.  
Good luck to everyone else!

Did the email go directly to you once the offer was approved or via the broker?

ohgoodgrief

DLH215650 said:

Hi

I have read through this forum and its proved really helpful so I thought I would add our experience and timescale with Natwest. Also worth noting we went through a broker (who has been excellent) and would fully recommend going down this route.  FTB. 

22/5/23 - Official mortgage offer made and bank statements, credit reports, deposit proof, wage slips and bonus wage slips requested and submitted
31.5.23 - Hard search done (Soft search done a few weeks ago at A.I.P offer)
5.6.23 - Valuation done
7.6.23 - More info requested as copies were 'grainy' so had to PDF them
14.6.23 - More proof of bonus slips for last 2 years requested. Submitted. Didn't hear anything after this....Radio Silence
20.6.23 - Official mortgage offer received via email ( We can sleep now! )

So pretty much 4-5 weeks for us from official application to Official Mortgage offer and estimated 5-6 weeks wait now for solicitors to do their work now. That's fine for us and no issues with the Natwest and process. We had no chain and neither did the seller so maybe that sped things up a little I don't know? 

One thing I will say...Our broker was saying it is absolute carnage in the mortgage market and the minute for various reasons. Must be a tough job at the minute being a broker.  
Good luck to everyone else!

Thank you - our timescale looks fairly quick then despite feeling it’s taken a while. Broker said they called them today and the underwriter has agreed the offer and we are now in a queue for the offer paperwork to be issued. It does seem like it is very busy and they are fire fighting a lot with the interest rate uncertainty. 

ohgoodgrief

RedCannon94 said:

ohgoodgrief said:

Thank you - I spoke to broker this morning and she chased. They said they needed SA100 and bank statements - she replied and said they already have them! They then went off and called back to say the underwriter has approved for offer and offer paperwork should be with us in 2-4 days. I think this is good?!

If you have an offer in, that's brilliant news!

I will feel happier once I have it in writing and not just via phone!