Is it hard to get a Natwest mortgage?

Asked by: Beth Lakin II  |  Last update: February 9, 2022
Score: 4.1/5 (73 votes)

Natwest's mortgage approval rate is in line with most high street lenders in the UK, in the sense that they carry out thorough eligibility checks and due diligence around affordability and usually reject applications that fall outside of a set criteria.

How long do Natwest take to approve a mortgage?

As mentioned previously, a Natwest mortgage application can take about 3 weeks on average to process and be approved.

Why would Natwest decline mortgage?

Your Natwest mortgage application may be declined by an underwriter due to fraud, failing Natwest's mortgage affordability checks, due to a poor credit score or due to the mismatch of information on your Natwest mortgage application and your supporting documents.

What do Natwest need for mortgage?

When you apply for a mortgage, lenders will look at your income and outgoings. To prove your income you'll usually need to show pay slips and bank statements from the last 3 months. If you're self-employed, you'll need copies of your tax returns and business accounts, all prepared by an accountant.

Is Natwest a good bank for mortgages?

Natwest is a good mortgage lender for first time buyers. Natwest does not offer shared ownership mortgages. Natwest offers high LTV mortgages.

Mortgages Made Easier: Applying

18 related questions found

Can a mortgage be declined after offer?

It's unusual for a mortgage to be declined after offer or after you've exchanged contracts. However, it can happen if: the lender discovers something you failed to disclose on your application.

Which bank is best for mortgage UK?

The 10 largest mortgage lenders in the UK according to industry body UK Finance, based on those that lent the most in 2019, are:
  • Lloyds Banking Group (including Halifax and Scottish Widows)
  • Nationwide BS.
  • NatWest Group (including Royal Bank of Scotland)
  • Santander UK.
  • Barclays.
  • HSBC Bank (including First Direct)

Do Natwest mortgage accept tax credits?

We can accept up to 100% of working tax credits, Child Tax Credits and Child Benefit.

How do first time buyers get a mortgage?

Generally, a first-time buyer is expected to put down a deposit of at least 10% of a property's purchase price. Lenders require a deposit to secure the mortgage and as reassurance that you can afford the financial commitment.

Do mortgage lenders check all bank accounts UK?

Yes, a mortgage lender will look at any depository accounts on your bank statements – including checking and savings – as well as any open lines of credit. Why would an underwriter deny a loan?

How reliable is a Natwest mortgage in principle?

A Natwest mortgage in principle is good as it will allow real estate agents and property sellers to take you more seriously as well as give you the certainty that you may be able to get a mortgage in the near future based on your current mortgage affordability.

Who do Natwest use for credit checks?

Your credit score in our app is provided by TransUnion, one of the UK's leading credit reference agencies.

Will Natwest extend my mortgage offer?

Our mortgage offers are valid for 6 months. However, in exceptional circumstances this can be extended. You should discuss this with your mortgage adviser or alternatively call our Mortgage Team who will be happy to help you.

Does NatWest check credit before completion?

Natwest may carry out another credit check before mortgage completion to ensure that you have not had any severe change in circumstances that may affect your ability to pay back your mortgage.

Can a mortgage be refused after valuation?

A lender may decline a mortgage after a valuation if the value you indicated on your mortgage in principle was far below or above the property's true value. A lender may have a loan to value range which is part of its lending criteria and could decline your mortgage after a valuation if it doesn't fit its criteria.

How long do NatWest underwriters take?

FAQs: Natwest mortgage underwriting process

An underwriter can take between 15 mins and 4 weeks to make a decision but this is dependant on what type of credit you are after and the type of borrower you are. If you are a bad credit borrower then you can expect your mortgage application to take much longer.

Who qualifies as a first-time buyer?

The dictionary definition of a first-time buyer is 'a person buying a house or flat who has not previously owned a home and therefore has no property to sell'. In other words anyone getting a mortgage who isn't a homemover, homeowner, buy-to-let investor or simply remortgaging is classed as a first-time buyer.

How much deposit do I need for a mortgage first-time buyer UK?

In almost all cases, you will need a deposit of at least 5% of the property price. But the average house deposit for a first time buyer in the UK is around 15%. The bigger the deposit, the lower your mortgage interest rate and the smaller your monthly repayments.

What type of mortgage is best for first-time buyers?

An FHA loan has lower down payment requirements and is easier to qualify for than a conventional loan. FHA loans are excellent for first-time homebuyers because, in addition to lower up-front loan costs and less stringent credit requirements, you can make a down payment as low as 3.5%.

Can I get a mortgage with 1 month payslip?

Lenders' requirements for proof of income for mortgage applications will differ. Typically, earned income is evidenced in the following ways: Payslips: The standard requirements are three months' payslips and two years' P60s although there are lenders who will accept less than this.

Are RBS and NatWest mortgages the same?

The taxpayer-backed group owns both RBS and NatWest, with the latter accounting for a far larger percentage of its UK customers. The change was announced as the bank reported a £3.1bn increase in gross mortgage lending in 2019.

How many times salary will NatWest lend?

NatWest increases mortgage income multiple to five-times salary.

Is NatWest a good bank?

NatWest ranked 5th in a list of the 14 largest business current account providers for overall service quality in an independent survey. ... rate NatWest 4/5 for online banking and mobile app, and 3/5 for customer service, communication, transparency of charges, application process, complaint handling and service in-branch.

Can I borrow 5 times my salary?

Yes. While it's true that most mortgage lenders cap the amount you can borrow based on 4.5 times your income, there are a smaller number of mortgage providers out there who are willing to stretch to five times your salary. These lenders aren't always easy to find, so it's recommended that you use a mortgage broker.

Is it hard to get a mortgage with Halifax?

How strict are Halifax as a mortgage lender? All high street mortgage lenders are strict in the sense that they're likely to reject an application that falls outside of their lending criteria. That said, Halifax are known to cater for first-time buyers, low-income customers and even people with certain credit issues.