NatWest Mortgage Application

LadyHeron

Hello,

we are applying for a mortgage with NatWest through a broker they have got an agreement in principle for us with the amount we would like to borrow from NatWest and our maximum borrowing with NatWest is coming in £55k higher than the amount we would like to borrow.  

On the broker information section of NatWests website it says ‘The AIP is guaranteed for 30 days (including the day it was created), provided no changes are necessary. Progressing to full mortgage application within this period will mean no further credit search is completed.’

Does this mean they will not do another credit check?  On the AIP it says subject to full credit check. I’m stressing as we have a couple of old missed payments (2 years old) for small amounts that were an oversight both on accounts that were settled. Our broker is aware and doesn’t think it will be an issue, we both have good/ excellent credit scores on Experian, and Equifax but mine on TransUnion is only fair 5 points off good. The only thing it’s asking me to improved is have more debt as I only have 2 credit cards and car insurance.  

paradigital

I’d say that’s pretty clear cut terminology.

So long as within the 30 days from creation of the AIP, and assuming no changes to the AIP need to be made to transition to a mortgage application, then yes, there will be no additional credit check.

If any details need to be changed (and I assume that’s either party needing to change any details), or it takes longer than 30 days to do so, then additional searches will likely be required.

As26

How did it go with your application?

As26

LadyHeron said:

Hello,

we are applying for a mortgage with NatWest through a broker they have got an agreement in principle for us with the amount we would like to borrow from NatWest and our maximum borrowing with NatWest is coming in £55k higher than the amount we would like to borrow.  

On the broker information section of NatWests website it says ‘The AIP is guaranteed for 30 days (including the day it was created), provided no changes are necessary. Progressing to full mortgage application within this period will mean no further credit search is completed.’

Does this mean they will not do another credit check?  On the AIP it says subject to full credit check. I’m stressing as we have a couple of old missed payments (2 years old) for small amounts that were an oversight both on accounts that were settled. Our broker is aware and doesn’t think it will be an issue, we both have good/ excellent credit scores on Experian, and Equifax but mine on TransUnion is only fair 5 points off good. The only thing it’s asking me to improved is have more debt as I only have 2 credit cards and car insurance.  

How did it go with your application?