Natwest Mortage

[tallguy79]

Hi all,

 

Long story short, applied for a mortgage with Halifax and Natwest, but due to a default thought it would be impossible. Halifax turned us down point blank due to late payments and the default and with the new rules for mortgages credit went from A+ or something to a C+.

 

Anyway Natwest have accepted us and arranged for a survey to be done. Which is getting done next Friday. Which is great.

 

What happens after this? Is there anything that could be done so they decline it?

 

Just after best and worse case scenario really

 

Thanks all

[colin11]

Sounds like its going well, i have been given a mortgage even though there is a default on my credit, though it is nearly 6 years old

 

you should be ok, but they often do another credit check before you complete, so no missed payments, and no new credit applications between now and then

[Dookist]

The mortgage is agreed in principle. If the survey shows that the property is worth less than the amount you need to borrow, say because it has subsidence, then you may not be accepted. Looking good though!

[tallguy79]

Yeah Colin, mine is much younger though, almost 2 years old. Lucky for me and yourself then.

 

Dook there will be no subsidence and one was done before we know of only reason it fell out was because the survey 3 months ago put it t 10k below what they where buying it for.

 

Only reason i asked was we put applications into halifax and natwest at the same time, halifax rejected us so would this show up before they do that second credit search? I know it takes a month to update so I'm hoping this wont show on report before this.

 

Thanks

[colin11]

its usually expected when applying for a mortgage, that you will apply to more than 1 provider, i applied to 3, abby, woolich, and halifax, i was actually approved by all 3

 

so it wont be a shock to them that you were searched by someone else

 

i dont think they can tell that halifax rejected you, just that they did a search

 

as long as you was completely straight with them in your application, they know everything, so stop worrying

[tallguy79]

Ok thanks a lot Colin, just first house and mrs is preggers so its important to get a house before shes due. Thanks all.

[colin11]

enjoy your new home

[tallguy79]

Touching that lucky wood. Thanks Colin.

[tallguy79]

Also guys what happens if say surveyors value house at less than what we agreed for with regards to the mortgage? Would natwest need to re submit the mortgage and start again or adjust the mortgage amount?? Thanks

[colin11]

they should just adjust the mortgage they would give you for that house

 

also, you will be able to renegotiate the purchase price with the seller using the survey

Edited May 14, 2014 by colin11
spelling

[tallguy79]

Hi Colin. That's what I thought but just wondered is all.

That happened to previous buyers 5 months ago. Valuation came in under £10k less than what they had bought for. Buyer pulled out as seller wouldn't budge. Hoping since then even if it's £5k less we can sort something out. £10k is a fair deficit to make up really.

 

Thanks.

[colin11]

fingers crossed

[tallguy79]

Mortgage offer in post. Valued it at asking price

[colin11]

nice one :-)

 

i exchanged contracts yesterday, so nice ones all round :-)

[colin11]

i completed on my house today, better get busy moving :whoo: