So just wondered if any one had any experience with them? Me and the Mrs will be applying for one next Tuesday as we have had an offer accepted on a property a d all ready have agreement in principle. That being said I got a couple questions I can't see in there faq so I'd check here if any one has used them. A) when you apply do you get any general idea if it's accepted on the day? I know the paperwork etc can take 5 weeks or so in total B) if banks says yes can underwriters over turn it? C) if you have an agreement in principle does it stand you in a better chance of getting it ?
Natwest mortgages
- Thread starter Mark1989
- Start date
Reading between the lines, this is a FTB property? Have you even compared prospective rates for other lenders? Thirdly, NatWest's online AIP/DIP tool doesn't actually give an AIP/DIP its essentially a basic affordability calculator with a misleading name.
NatWest had terrible rates compared to a lot of other lenders (which I found out by going to an independent broker/adviser).
FWIW, NatWest were where I started looking to begin with (as both of us bank with them), but it made no financial sense to have "brand loyalty". In the end we ended up signing (last week) with West Brom.
NatWest had terrible rates compared to a lot of other lenders (which I found out by going to an independent broker/adviser).
FWIW, NatWest were where I started looking to begin with (as both of us bank with them), but it made no financial sense to have "brand loyalty". In the end we ended up signing (last week) with West Brom.
I found them overly pushy and to be honest lying. 'Best on the market'? they weren't even the best on the high street at the time. I went with Nationwide, who had a much friendlier and open approach. They were a fraction of a percent more expensive then the best on the market that I could find, but had a much better SVR at the end of the term and the ease of dealing with someone in person. However, I done a quick look and it appears Natwest are currently more competitive with a lower deposit.
Natwest to be fair have been the most friendly to speak to over the phone and make appointments especially when compared to barlcays who just speak down to you and offer no friendly service what so ever thus far, with the low deposit we have when comparing no one really beats any one by a substantial amount 
We are First time buyers, Were both tired of renting!
We are First time buyers, Were both tired of renting!
Dips are not what they were 10 years ago. They are a 'yep, we' should' do it as long as the underwriter is happy once he has gone through your bank statements and other documentation'
On average I have something like a 25% failure rate after dip.. For first time buyers that rises to around 40%. You haven't definitely got your mortgage until your offer lands which can be anywhere between 5 days and 5 weeks depending on whether the docs you provide and are requested are bang on first time or not.. Also depends how far behind the lender is, most are running 3-5 days . I. E. It takes them that long to process as items they are received.
There may be far better deals and lenders out there for you. Always speak to a broker who can give you whole of market advice, never go straight to a high street bank. They are heavily targeted sales people and are under immense pressure to meet those targets, they are not invested in retaining a client for the rest of their house buying lives, nor are they invested in making your financial security their prime goal.
If you want some pointers drop me a line.. [email protected]
Been a mortgage adviser for 22 years, worked for the big banks, small firms and myself.. Seen it all and know how they operate. Even Martin from money-saving expert will tell you to avoid the banks and go through a broker..
Bests
Paul
On average I have something like a 25% failure rate after dip.. For first time buyers that rises to around 40%. You haven't definitely got your mortgage until your offer lands which can be anywhere between 5 days and 5 weeks depending on whether the docs you provide and are requested are bang on first time or not.. Also depends how far behind the lender is, most are running 3-5 days . I. E. It takes them that long to process as items they are received.
There may be far better deals and lenders out there for you. Always speak to a broker who can give you whole of market advice, never go straight to a high street bank. They are heavily targeted sales people and are under immense pressure to meet those targets, they are not invested in retaining a client for the rest of their house buying lives, nor are they invested in making your financial security their prime goal.
If you want some pointers drop me a line.. [email protected]
Been a mortgage adviser for 22 years, worked for the big banks, small firms and myself.. Seen it all and know how they operate. Even Martin from money-saving expert will tell you to avoid the banks and go through a broker..
Bests
Paul
Last edited:
Permabanned
- Joined
- 23 Apr 2014
- Posts
- 23,552
- Location
- Hertfordshire
Had no issues with Natwest, had decent rates for the past 15 years with them.
I find no need to use a broker these days.
I find no need to use a broker these days.
The other thing to consider is that 75% of the mortgage market is now via the intermediary channel (I. E. Broker) that used to be around 40%.
This means the banks are very much trying to get a piece of that pie. They can't incentives the brokers any more, that is now illegal, but what they can do is offer exclusive deals. You won't pay any more for a specific deal via a broker than walking into a bank but what you might find is that going thorough a broker may save you the £995 fee or may mean a cashback etc.. Not always but getting more and more common.
They don't have to offer incentives such as these if you walk into a branch as, at that point, you re a captive audience. They don't have to worry about telling you what else is available.
This means the banks are very much trying to get a piece of that pie. They can't incentives the brokers any more, that is now illegal, but what they can do is offer exclusive deals. You won't pay any more for a specific deal via a broker than walking into a bank but what you might find is that going thorough a broker may save you the £995 fee or may mean a cashback etc.. Not always but getting more and more common.
They don't have to offer incentives such as these if you walk into a branch as, at that point, you re a captive audience. They don't have to worry about telling you what else is available.
Last edited:
Certainly found this the case for our FTB mortgage. £1000 cashback is going to end up footing the solicitors bills and go a way to paying for my own survey.
Got my FTB mortgage with Natwest In Jan
But as Vipa said it was through a Broker, it was really really painless and simple to do, very little hassle and had a descion in hours from with the Broker.
must have been very lucky as it was over Christmas aswell and everyone had lot's of good will and cheer in them
Nothing negative to report either, they have been really simple to speak to when I have called them up aswell.
But as Vipa said it was through a Broker, it was really really painless and simple to do, very little hassle and had a descion in hours from with the Broker.
must have been very lucky as it was over Christmas aswell and everyone had lot's of good will and cheer in them
Nothing negative to report either, they have been really simple to speak to when I have called them up aswell.
When we remortgaged last time we decided not to go with a broker as the best we could find on the market for us at the time was an HSBC tracker with the lowest interest rate and no exit penalties or requirement to use them for insurance etc.
It wasn't available though a broker.
The rate was a fixed offset from the BoE base rate for the duration (No 2 year discount period, just fixed offset for the duration of the mortgage).
Been very happy with it so far, it's still a good deal 3 years on, and no need to try and switch.
It wasn't available though a broker.
The rate was a fixed offset from the BoE base rate for the duration (No 2 year discount period, just fixed offset for the duration of the mortgage).
Been very happy with it so far, it's still a good deal 3 years on, and no need to try and switch.
Man of Honour
- Joined
- 5 Jun 2003
- Posts
- 91,784
- Location
- Falling...
Natwest turned around our mortgage application in about a week and whilst they weren't the most competitive in terms of rates, the efficiency was worth it, and the percentage difference is too small to make a difference.
I've always considered a broker to be the sales guy?
The banks are already earning interest on the mortgage and have a nice bit of collateral from the L-T-V, whereas a broker is a middleman that relying on his service fee + maybe an affiliate fee from the lender. I went with HSBC directly which always seem to offer a decent rate and I was able to use my own solicitor for both myself and the bank to save on fees.
Not sure why you are mentioning this? I wasn't tied to any particular solicitor, I chose one based on opinion and experiences (not mine), and I used a broker service for the mortgage.
I would go to a broker if I were you.
Mine cost £500, but I consider it money well spent, as I got a better deal than I found myself, and (slightly naughty of Nationwide I think), I got £500 cashback on completion.
The big advantage of a broker is that basically you have virtually nothing to do from a paperwork perspective (buying alone this was a big help to me as there is a TON of stuff to get done!), also the fact you can pick up the phone at any time, and get straight through to someone who knows exactly what is going on and can help you out a bit if you need to hassle the solicitor/ agent is worthwhile I think.
Finally, if buying in London (where the market is red hot and anything decent seems to have multiple bids on it at any one time), I found a broker helped me out when being successful in getting my offer accepted ahead of other interested parties.
Mine cost £500, but I consider it money well spent, as I got a better deal than I found myself, and (slightly naughty of Nationwide I think), I got £500 cashback on completion.
The big advantage of a broker is that basically you have virtually nothing to do from a paperwork perspective (buying alone this was a big help to me as there is a TON of stuff to get done!), also the fact you can pick up the phone at any time, and get straight through to someone who knows exactly what is going on and can help you out a bit if you need to hassle the solicitor/ agent is worthwhile I think.
Finally, if buying in London (where the market is red hot and anything decent seems to have multiple bids on it at any one time), I found a broker helped me out when being successful in getting my offer accepted ahead of other interested parties.
Last edited:
Soldato
- Joined
- 8 Sep 2003
- Posts
- 23,180
- Location
- Was 150 yds from OCUK - now 0.5 mile; they moved
I bank with Natwest, but my mortage I arranged in November was with Nationwide.
Not sure why you are mentioning this? I wasn't tied to any particular solicitor, I chose one based on opinion and experiences (not mine), and I used a broker service for the mortgage.
I'm not sure why you think my commented was directed at you in any way, shape or form
I am mentioning this because OP is looking at getting a mortgage and this is something to consider - A lot of banks don't allow you to use your own solicitor for the paper work their end and charge a generic fee which tends to be far more expensive that local solicitor rates.
The broker fees (in most cases) are outweighed by the savings (in most cases) a good broker can make you. Remember too that not all brokers charge a fee, it tends to be largely based on the amount of work involved. I VERY rarely charge a fee for a re-mortgage, in fact, I don't very often charge a fee at all!! it only tends to be on very complex cases that will take an unusually large amount of my time. Never charge for advice though..
Banks are only interested in new customers. most offer cracking deals for the new ones but when it comes time to review, usually offer poorer rates. They do this as they know a large number of customers will just sit back and take whatever they are offered without question. I've worked as an adviser for the biggest banks, as did my wife for many years and we have close friends who still do... They are sweat shops... the pressure the sales people are under to meet their targets is absolutely immense.. they just want to make a sale.. there is also no guarantee you will ever have the same adviser each time you need them and they tend to be only available office hours 5 days a week! People like me, on the other hand, want to build a relationship with you which will last your house buying life... plus most of us are available pretty much 24/7!
As for sales... that may have been the case 20 years ago but it is no longer.. We work on the same principles as IFAs... a client is for life not just for a quick buck.. it isn't in our interest to push to make a sale, we want to do the best we can for you, that includes product choice, quality of advice and quality of service... after all... that's how we get the referrals we need to build a successful business!
Under FCA rules, you have to go through the advice process anyway so why on earth would you do that with someone who can only tell you about one lender's product? surely the sensible thing to do would be to talk to someone who can look at the whole market? The client doesn't lose out, it is very rare that a lender will offer a better deal direct than through a broker, in fact, it is quite often the other way round.. even where a procuration fee is paid to the broker, it has absolutely no affect on the product or rate.
Last edited:
Funny, we've been with Halifax since 2008 when we were FTBers and stayed with them when we moved house.
They've been flexible with us offering payment breaks, consent to let and all sorts of stuff.
This is both over the phone with their call centre, and in branch.
-
This thread is however incredibly well timed as we're just starting to look at our mortgage switch as it's up in July, and our broker has mentioned NatWest as a good fit lender for what we need. Watching this with interest.