Feels like we're waiting forever for a Natwest mortgage offer :( Any advice?

icicat

Hey all,

Put an offer on a house, got accepted which was great. My broker gave us some options and we chose to go with what Natwest was calculated to offer. So first application was rejected due to my partners 'fair' credit score. So re-applied with just my sole earnings. Though it's been about three weeks since our broker re-applied and still not heard a peep from Natwest. It's a major concern as I've put the conveyancing for the purchase on hold as I don't want to be shelling out for costs without knowing what we can borrow, which has me worried that if it goes on much longer our seller may get frustrated and we will lose the house.

Our broker said I should be able to borrow an amount we can work with, though I'm not sure how reliable that is as I feel like Natwest can come back and offer less. So in a bit of a limbo situation. My broker hasn't heard anything back and said they can take two weeks just to check over documents. So feel like we are just waiting in limbo and nothing is moving forward, except for the sale of our house. Any advice or experiences with Natwest mortgage offer timescales? Thanks.

Ryan_Holden

I took out a Natwest 5 year fix in October last year but had a decision in a couple of days. 

But the comparison isn't really meaningful. Chase your broker, that's what they're being paid to do.

icicat

Hi Ryan, yeah they came back quick when discarding our joint application. I think it has something to do with my extra income from what I read online. I am emailing my broker, though he says there's no word. I also read that brokers aren't allowed to chase up the status of the offer, so not sure if this is something I need to do. It's worrying it's taking so long. If I hear nothing this week am I supposed to just sit and wait longer or pull out and find another lender. Problem is this application is based before the rate change. So would pay a higher rate if I applied elsewhere.

BeingDebtFreeStartsHere

Can I ask how long it took for them to decline you first time round? Our application has just been submitted and we are waiting to see if it comes back as a 'no' based on the fact that we had a default with them about 8 or 9 years ago.

icicat

I think about a week or just under to decline.

Ryan_Holden

I would sit tight and be patient I think, I didn't know brokers weren't allowed to chase up progress. Maybe that's a GDPR thing or something, seems silly to me though.

mallen

Applied full application Friday 30th June 
valuation completed 7th July a week later
offer received today 10th July

I had pretty complicated mortgage. A lot of debt but a very good credit score (one late payment in September last year)  NatWest are allowing me to borrow with the understanding all debt will be paid off with equity. 

I wanted a 95% mortgage even though I could afford a 10% which has been allowed. 

Lastly, I’m starting a new job on the 19th July so before completing. Salary is more but NatWest do not mind about my probation period. All in all, was a quick process even with these three hurdles. 

BeingDebtFreeStartsHere

Does anyone know if we can request access to the Natwest portal to monitor progress or if going through a broker is it only them that has the access to this?

RedCannon94

Recent Natwest application

Submitted via broker on 19th

Everything approved by 29th

One additional document needed review which was done on the 7th July

They didn’t deliver on their service levels and I know it’s 10 working days to review docs currently. Absolutely horrendous.

RedCannon94

BeingDebtFreeStartsHere said:

Does anyone know if we can request access to the Natwest portal to monitor progress or if going through a broker is it only them that has the access to this?

Broker can provide you with the mortgage ID. If not, go to Natwest and they’ll provide you with this (Can take a few days to sort post-submission)

icicat

So after a painful three week wait, Natwest phoned my broker to say they won’t amend the application to my sole name (as first application was in joint names) so that's three weeks of our time wasted. Feel gutted that they couldn't have told us this sooner. Why would it take three weeks?!