Natwest online Mortgage calculator

HungryHippos · 3 Jun 2017 at 19:41

Can anyone work out how the hell this thing works?

http://personal.natwest.com/persona...mortgage-rate-finder-mortgage-calculator.html

I am currently tied into using Natwest at the moment, as the new build developer wants a ~1 month completion, and Natwest are offering me the highest borrowing figure (need as much as possible).

For Nationwide I just put in the purchase price, and how big the mortgage is. Really easy.

For the Natwest one I can't for the life of me work it out, it's asking for me two sets of prices, two sets of deposits, how much is left on the mortgage both in term and value (not that this should matter to them anyway, I am looking to completely exit my deal with Nationwide here as I am on a tracker with no ERC anyway).

Skillmister · 3 Jun 2017 at 20:49

For what it's worth, virtually no new build transaction completes in 1 month regardless of whether the developer "insists" on it or not, so I wouldn't limit yourself based on that.

The rest I can't help with

HungryHippos · 3 Jun 2017 at 20:56

Skillmister said:
For what it's worth, virtually no new build transaction completes in 1 month regardless of whether the developer "insists" on it or not, so I wouldn't limit yourself based on that.

The rest I can't help with

Haha yeah, I am fully aware of it, but I am playing along with them for the time being, they are part ex'ing my house in the deal so when it's ready to go, it's ready to go.

I've done some reasonable homework on how this all works. People often said that part ex with developer would come in significantly under market value, but the deal I have means that I am not doing too badly on the selling price or the buying one. My property was marketed at £200k, I had an offer at £195k, developer giving me £190k on part ex. If I sold privately for £195k then I'd probably see around £192.5k after estate agents/legal work.

On the buying side the house is ready to go, already built, it's one of the last few remaining. Asking price is almost 2x my current sale price, but I am getting a 5% discount on the purchase, which monetarily speaking is far more than I lose on the part ex deal were I to pay asking.

If it goes longer than a month everything still proceeds as is, I just have to demonstrate that any delay isn't with anything I am doing to hold the process up unnecessarily. I'm keen to push things along if I can anyway.

My deposit is good so I am looking at a mortgage on the sub 60% LTV rates. Natwest fee free options they've sent me so far have the fee free options at 1.8%, where the £1k arrangement fee ones are 1.3% but obviously have to take the fee into account.

Matthew.M · 3 Jun 2017 at 21:04

Are you sure you're selecting the right option? It looks normal to me with one deposit, property value and then it lists potential products.

I'd advise caution with the timeline - I completed in under 3 weeks from initial deposit on a new build (but I had no chain). If they're keen to get it through before the end of the month it's likely that's their financial year end and they'll have ambitious targets to hit. Don't be surprised if you miss that date if a lot of the incentives evaporate! You wouldn't believe how many completions large developers have in the last weeks up to their year end and how fast they can push transactions through if the house is physically built.

HungryHippos · 3 Jun 2017 at 21:07

Matthew.M said:
Are you sure you're selecting the right option? It looks normal to me with one deposit, property value and then it lists potential products.

I'd advise caution with the timeline - I completed in under 3 weeks from initial deposit on a new build (but I had no chain). If they're keen to get it through before the end of the month it's likely that's their financial year end and they'll have ambitious targets to hit. Don't be surprised if you miss that date if a lot of the incentives evaporate! You wouldn't believe how many completions large developers have in the last weeks up to their year end and how fast they can push transactions through if the house is physically built.

I'd just edited my post above, it's been made clear to me that it's along the lines of what you say, and as long as I toe the developers line and aim to achieve it if I can, then they are happy to let things stand as they are even if the deadline slips.

They just said that if I choose to step outside of using their broker, solicitors etc then I would not get the same deal basically.

Edit - also solved my initial problem as well. I am using Pi Hole, and it was blocking access to http://assets.adobedtm.com which was sourcing a java script file, hence the calculator was kind of busted for me!

ahar · 4 Jun 2017 at 19:41

We part exchanged for a new build recently and when we spoke to them on the phone they were very sensible about the 28 days thing, but letters and emails from them were much more insistent. 9 times out of ten it was them holding the process up though so it was a pretty simple come back on the phone (with me chasing their outstanding actions) if they started to get shirty. I think we took just over 2 months.

The price they offered us was maybe 3-4% under my view of market value. Take 1-1.5% of that for estate agent's fees and we sacrificed between 1.5-3% of the potential value for a quicker and less hassle process. We also gambled that the market was going to slow down quite a bit (which it has), so we also avoided the potential of having to cut the price to sell. Our place is still on the market, and I wouldn't be surprised if they dropped the value to on or near what they paid us for anyway in the near future

HungryHippos · 4 Jun 2017 at 21:50

Yeah sounds similar to mine in terms of what I lose out of a potential sale, but as you say you pay estate agents etc as well so you can save a bit on that.

mattyy · 4 Jun 2017 at 22:03

Do you have a popup blocker on? There is a pop up asking what type of customer you are before most of the page has loaded. You can see that the page displays as you say with two of everything but after submitting on the pop up either option brings up a normal form.

HungryHippos · 5 Jun 2017 at 00:33

mattyy said:
Do you have a popup blocker on? There is a pop up asking what type of customer you are before most of the page has loaded. You can see that the page displays as you say with two of everything but after submitting on the pop up either option brings up a normal form.

Fixed it a few posts up, was my pi hole that was blocking another url the site was referring to for the JS.