Mortgage application

[melissa120405]

Hi looking for some advice. We completed our mortgage application on Wednesday and all went through fine and was sent to the underwriter. We then had an email through from NatWest the next day saying our mortgage was accepted subject to a satisfactory valuation. I asked my mortgage adviser to confirm and he said that this was indeed correct. I’m just questioning if other people were given a decision so quickly has tit been underwritten? Myself and my partner currently have a mortgage with NatWest to which we are porting our current amount of 138,000k and borrowing the rest on a 1.5% for 5 years the property price being 350k. I just want some reassurance. Thanks Mel

This is fairly typical you can get a decision within 2 days or 2 weeks and if everything is fairly straightforward it will be the first one. But this doesn't mean you will be given a mortgage offer as the valuation could come back lower that what you expect or they might find issues with the property.
Also of your credit rating has a significant change between now and them issuing an offer this can impact it.
It is a postive 1st step however. ( I'm in pretty much the same situation except we are FTB waiting on our Natwest valuation)

We had our natwest mortgage accepted in 36 hours from them sending it of to us receiving the email to say we had a mortgage offer. Only difference is they didn't need to value our new house as we had a 60% deposit. But with our buyers they had the valuation booked in in less than a week of offering on our property. The one we are selling did get devalued like a lot of properties atm xx

Thank you both fingers crossed we only have a 70% loan to value so hopefully things run smoothly 🤞

We put in our application on a Monday, approved subject to valuation by the end of the day. They did a desktop valuation on the Tuesday so we were approved by lunchtime.

My solicitor thought I was talking about having an agreement in principle when I told him we'd had our mortgage approved the day after instructing him.

For relatively straightforward applications (employed, not maxing out affordability, no/affordable debt, 15-20%+ deposit) it really is that simple.

Wow. I’m in Scotland but I’ve been estimated 18 weeks from application to offer of loan paperwork. Apparently it’s due to the amount of application due to stamp duty holiday. I managed to get a broker to do it for me and so far we are on week 7 with no survey done yet.

Im also porting to a new property.

@melissa120405

Thank you both fingers crossed we only have a 70% loan to value so hopefully things run smoothly 🤞

Then you should be able to get a desktop valuation which means that the property doesn’t need to be visited by the lender. A 25% or over deposit usually means that there is a desktop valuation

Thanks all 😊

Hi all quick update. We’ve been given the offer all in 1 week! NatWest have been fab!