NatWest mortgages - huge delay to issue offers? (Warning if looking for mortgage)

[FreakA]

Hi,
We are looking for a mortgage with NatWest. We have a very simple case as we are looking for 20% LTV (80% cash) and have a lot of other investments. We've been long term, top rated customers too.

It is taking months. We've been "offer approved" for 3 weeks now but they can't seem to publish the docs due to the volume, and then it's another week estimated for doc signing and return. We don't have a broker but our contact is saying at least a week more.

Is anyone else experiencing the same with NatWest? If not, are you using a broker? We've heard anecdotally that they're prioritising applications made via brokers but I don't know if that's true.

[GoingItAloneAgain]

Yes it happened to me too. Contacted a broker in May and got an agreement in principal and the following week made an offer on a property which was expected. 6 months later and I have only had an official offer in the last 4 weeks. So about 5 months of waiting. Like you I had large deposit and a very secure job with excellent credit rating.

[Xiaoxiong]

Yes us!! We are using a broker who has given us a "guarantee letter" for our sellers - put our application in with NatWest last week of October as he said it was the best deal. They have been giving our broker the run-around saying there was some kind of massive IT meltdown or something on NatWest's end and we still have no word on what's going on. Very apologetic and everything, and we have the broker guarantee letter but we are worrying!!!

However, the survey took a month to book, and local searches are taking 8 weeks to come back...so who knows which will get through first, the mortgage or the searches

[Xiaoxiong]

We are the same as you guys as well, 80% LTV, perfect credit scores, deposit from savings not gifted, two secure full-time jobs. So I think maybe it is an IT problem as they claim rather than a problem with us.

[FreakA]

Gosh! These are eerily familiar stories @Xiaoxiong and @GoingItAloneAgain

We never heard the IT meltdown excuse but it does seem to be paper and pen in fairness. That useless portal is always showing status that isn't true - need passport! awaiting survey! - and it takes many calls to sort out.

So if anyone reading this is thinking of a NatWest mortgage, don't do it!!! 5-6 months seems the "norm" with them.

[GoingItAloneAgain]

I don't know if it's the whole pandemic thing that's slowing it down for all lenders but I have never had a wait anywhere near that long before. In the past it has been literally days, but this is my first time with natwest. Also worth noting that they took my product fee back in June out of my current account without warning and I very nearly incurred charges as hadn't moved money around. So they had my money for a good 4 months before signing it off.

[Xiaoxiong]

We've just had another very apologetic update from the broker - apparently in addition to NatWest being much busier than usual, since if one or both of us earns more than £100k NatWest are now saying they "had to pass it to a more senior team" because of internal lending criteria. No additional info required and broker doesn't anticipate any problems but higher earners mean a more complex process

Anyway they have told us they expect an update by 7th December, which would be 6 weeks after our application - we'll see if we actually hear back by then

[WhispersAnonymous]

Hi, I have just had a mortgage offer through from NatWest and I haven't experienced the delays you have! I applied near the end of October and had the offer last Saturday. Perhaps you are one of the unlucky ones who's mortgage has been audited OR there is something in your file that only certain members of staff can look at. We have used a broker though and always use mortgage matters for anything mortgage related.

[FreakA]

@Xiaoxiong we are also high earners by that measure.

Presuming we hear next week, ours will be 9 weeks.

[MoirasRoses]

Our NatWest mortgage took ages! We applied in early September & got the offer in right at the end of October. Also 80% LTV. Very straightforwards. Applying well within our AIP, both regular earners. We used a broker & they were very good at pushing them..

[Xiaoxiong]

Freak maybe that's it then. I wonder if NatWest has some kind of internal modelling showing that everyone on a higher salary is more at risk from Brexit/covid economic fallout and that's why they have to examine our applications more closely.

Or that could just be an excuse, maybe they've furloughed half their staff and would rather leave us all desperately waiting than bring them back again to deal with the mountains of mortgage applications?!

We are using a broker who says they are pushing for us, but maybe there's not much they can do to speed it up.

[Xiaoxiong]

Finally NatWest have taken our valuation payment and advised a 9 working day turnaround on the underwriting team.

That brings us to the 9th Dec rather than the 7th as previously advised but at least there are signs of life!!

[underthewestway]

@Xiaoxiong @FreakA Just resurrecting this thread to ask if you’ve made any progress? We applied 13/11 but have been assigned to the ‘complex case’ queue because we need to include some rental income. Initially we were told our application would be looked at by underwriters last Monday (7/12), but now it’s supposedly going to be next Wednesday (16/12). And only after that will they instruct the valuation.

Just trying to get a sense of how long a wait I need to steel myself for!

[FreakA]

A few days after posting this thread, we did eventually get an offer and it went very quickly after that. Thankfully the docs were posted online so we just had to sign and upload which was a relief.
All in all, I think it took us 8 weeks from the application to offer which includes the valuation (which they did in person, not a desktop valuation). We seem to have ticked the boxes that makes these things go slower: higher earners, low LTV, rental income..

[ees2203]

I got mine within 2 weeks in October!

[chuffedasbuttons]

Eeek
I've just put through a buy to let with Mortgage Works - expecting a two week turn around

And a Santandar residential, LTV 30%. I sincerely hope the market is moving quicker than you e experienced.

Glad you got it finally

[CoronaIsWatching]

@GoingItAloneAgain

Yes it happened to me too. Contacted a broker in May and got an agreement in principal and the following week made an offer on a property which was expected. 6 months later and I have only had an official offer in the last 4 weeks. So about 5 months of waiting. Like you I had large deposit and a very secure job with excellent credit rating.

Why do you think just because you have a large deposit and excellent credit rating it gives you the right to jump the queue?

[underthewestway]

@FreakA Thanks - that gives me some hope. Do you know if they instructed your physical valuation after you’d been through underwriting? We paid for homebuyers the day after application but apparently they won’t instruct surveyor until after the underwriter has approved us; I thought the two processes were supposed to happen in parallel.

[Coriandersucks]

We are with NatWest and whilst it took longer than usual it was about 8 weeks from application to being accepted.

We used a broker and he said they are not prioritising those with a good ltv so I imagine if you’ve got 80% cash you might be at the bottom of the list.

He said Santander were moving things much quicker and if NatWest had taken much longer we were going to go with them.

[FreakA]

[quote underthewestway]@FreakA Thanks - that gives me some hope. Do you know if they instructed your physical valuation after you’d been through underwriting? We paid for homebuyers the day after application but apparently they won’t instruct surveyor until after the underwriter has approved us; I thought the two processes were supposed to happen in parallel.[/quote]
Yes we got through the underwriting stage and then the valuation was booked a week later. It was after that when everything slowed down for an inexplicable reason and the online portal kept going back stages.
Be prepared to check the portal often and phone up to hassle them if it doesn't make sense. Good luck!

[LooseMooseHoose]

@CoronaIsWatching it's not about "jumping the queue". It's about having a seemingly simple case. You would imagine cases like those are quicker to deal with because they don't need to jump through additional checks requiring additional documents.

I would also imagine that internal KPIs would mean that the process queue is not linear. I design processes and would not build the system that way, there will be an algorithm that priorities certain cases at certain times, hence some people are lucky and get an answer in weeks and other don't.

[CoronaIsWatching]

[quote LooseMooseHoose]@CoronaIsWatching it's not about "jumping the queue". It's about having a seemingly simple case. You would imagine cases like those are quicker to deal with because they don't need to jump through additional checks requiring additional documents.

I would also imagine that internal KPIs would mean that the process queue is not linear. I design processes and would not build the system that way, there will be an algorithm that priorities certain cases at certain times, hence some people are lucky and get an answer in weeks and other don't.[/quote]
Well I'm an Underwriter and I can tell you it is linear

[underthewestway]

@FreakA Thank you - and congratulations on your move!

Just found out we’ve been approved subject to valuation, so 4 weeks for us to have our complex case underwritten, for anyone else following. Although we did use a broker.

So not there yet, but a major hurdle down!

[Xiaoxiong]

Bumping this thread to say that our mortgage approval from NatWest came through today, finally, following a valuation in person. Luckily we didn't wait to put in our local searches as they came through this week as well. So from application to approval, exactly 8 weeks for both mortgage and searches.

[GrumpyHoonMain]

All banks are taking longer but I think that takes the piss. Have you tried HSBC? If you are a straight forward borrower they can do it quickly - it look me 1 week from application to drawdown.

[lamperty]

Hi, just seeing if anyone has more recent experience of NatWest? We are remortgaging from another bank and our application has been with them for three weeks now. Is this typical at the moment?