Successful Mortgage Stories only!- NatWest

[becca2203]

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!!

It’ll likely be ok. With your income and what you’re asking to borrow the amount you have on credit cards shouldn’t matter too much. We got a mortgage for our first house even though we had money in overdraft and not great credit rating. Yes the house would need to be valued at what you’re asking to borrow but try not to worry about that at the moment.

Thank you for replying. It feels horrible and so vulnerable just now, We've been renting in a house that's less than suitable now and desperate for our own place!!

Mortgage broker here - cant comment too much on your situation BUT, if your broker is happy you should be fine. Double check with them though about how your purchase price affects the loan to value..

Natwest though are very easy to work with. Once you have an agreement in principle with them it's very rare something crops up unless theres a problem with the actual property, or your income is incorrect once they have proof etc. Natwest are probably my favourite lender to work with. You should be fine 🙂

I hope this helps. Good luck!

Thank you so much that's provided me with some hope!!so worried they come back and say, you can have it bUT you need to clear your credit cards!

Just for some more context, if the house is valued higher than what you are buying it for, you'll have a better loan to value (with some lenders. I cant remenver if Natwest do the same - ive been on mat leave for 6 months!) If its valued LESS, thank you'll need to find more of a deposit. Rare that this happens though. Halifax are pretty bad for down valuing in my experience, but I am yet to have this issue with Natwest 🙂

Naaaah don't worry about those. Your broker will have added them into your affordability checks so if he's happy, it'll be fine.

Thank you so much!! Sorry for making you work during your mat leave 😂 although, can I have you on speed dial when I'm having a meltdown at 3am 😂. I know I should trust our broker and I 100% do, he's brilliant, but I'm so worried about getting my hopes up too much!

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!

Haha don't worry! It's just some knowledge i retained so I didn't even open my laptop 😁 any questions, you're more than welcome to pick my brains.

Its naturally a very anxious time, you'd be odd if you wasn't a bit apprehensive tbh!

Congratulations on your offer! I hope everything is nice and smooth from here for you (it will be) xxx

Hi, apologies for jumping on this thread, and congrats Becca on your offer! @BJ22 i found comfort in what you have said about NW. We have just had a decline with Halifax, due to affordability and my loan/hp in the end after flying through the AIP. So Natwest has been the next one our broker has advised to try. I remain hopeful

We just got our mortgage offer from NatWest today. It took 2 days!! So happy as we were expecting a long wait. Woohoo!!

Out of curiosity did you end up getting a mortgage with NatWest after Halifax turned you down? We were going with Halifax however they wanted a lot bigger deposit than we were willing to put down so thinking of trying NatWest

I had an AIP with Halifax, put in an offer and at the last minute they pulled out because of my property in my home country- which they knew about before.

I had to find a broker- which I paid for- and ended up with Natwest. Seven years later I'm still with them because their rates at renewal are decent.

So I have very positive views of Natwest, and Halifax is dead to me- and always will be.

We did! And we ended up getting a better rate with them in the end too.