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Mortgage App - Referred to Underwriter Help
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# 1
shimano
Old 19-08-2010, 4:53 PM
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Default Mortgage App - Referred to Underwriter Help

Hi

I applied for a first time buyer mortgage with Santander today. I have a good salary, good deposit (~25%) and relatively small debt (only 0% CC which has been used to buy furniture for future purchase). Passed affordability checks no problem, however their computer threw up a "problem" with credit cards on the credit record with Experian, so it's been referred to the underwriter.

The thing is, I check my credit record like a hawk. It's 999, no missed payments, no overdrafts etc etc. Checked it again to make sure I didn't miss a thing. The only thing I can think of is that I have 2 credit cards (which i declared to the application) but they have processed it as 1. So I owe A and B, they have processed it as 1 as A+B. So the total debt is declared correctly, but they didnt split across 2 cards. Other than that, there is nothing on there to indicate a problem. Contacted both CC companies and they say I am in perfect standing and confirm the data in Experian.

Their application team unfortunately cannot tell more apart from its related to a credit card, and I have to wait 48 hours now to find out what the underwriter says. To me I think they have sent 1 CC with debt X, but the computer has spotted 2 with debts X = A + B.
Any other ideas? I am stressing out as this should be a straight forward process based on the facts, or so I was told! Worried they will reject for something so stupid.

And they def used Experian, as I can see the mark they have left on the record and they confirmed.

Thanks!
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# 2
Thrugelmir
Old 19-08-2010, 5:27 PM
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What's a relatively small debt?

Referral to an underwriter isn't particularly unusual.
"The man who wishes to move a mountain begins by carrying away the small stones first."
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# 3
shimano
Old 19-08-2010, 5:31 PM
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It's not the volume debt it's referred on, as it passed the affordability test with no problems. Their wording to me on the phone was "The affordability check passed and credit record check passed, but there seems to be a discrepancy on the data in the credit record relating to credit cards"

I asked okay why, and they had no idea as they cannot see anything beyond a computer decision. They said it could be anything from data out of sync (looks okay to me), another card (which I do not have and the record backs this up) to missed payments/defaults (definately not the case!)

I declared the total debt correctly, so it's clearly not the amount. The only thing different is the application states 1 card, but it's 2. It seems plausible the check looked for 1 card, and it saw 2 and returned refer.

I know it's not unsual, but I sat down with them, showed them everything (credit record, credit score, accounts, wage slips etc etc) and they said it should be easy. Just worried I will be refused for soemthing so silly

Last edited by shimano; 19-08-2010 at 5:34 PM.
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# 4
shimano
Old 20-08-2010, 10:29 AM
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Had a call from mortgage consultant, he went through it all with me and said it is probably due to difference in data (ie the credit record is 1 month out of sync). He said to be honest on paper it looks fine. Spoke to Experian as well and they agree there is nothing else they can think of.

Should have a say from the underwriter today/Monday. Will keep up to date in case it is useful for anyone
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# 5
shimano
Old 26-08-2010, 11:41 AM
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Should have replied earlier, turned out to be a formality, system related. It went through no problems whatsoever. Basically the sums were slightly out as Experian data was 1 month behind, but they did not really discuss as the difference was small.

Application went through super smooth, fast tracked, and survey instructed. Now about to be shafed for stamp duty...
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# 6
chocsessential
Old 26-08-2010, 12:41 PM
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Quote:
Originally Posted by shimano View Post
Should have replied earlier, turned out to be a formality, system related. It went through no problems whatsoever. Basically the sums were slightly out as Experian data was 1 month behind, but they did not really discuss as the difference was small.

Application went through super smooth, fast tracked, and survey instructed. Now about to be shafed for stamp duty...
That's good news, and I'm glad it worked out for you. These things are sent to try us!
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# 7
shimano
Old 26-08-2010, 12:52 PM
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I was so stressed as I could not see why it was referred! Everything was clean, nothing hidden. I understand debt goes against affordability calculations but had already factored it in with their pre calcs fine with residual.

Hoping to now complete very quickly. Since that mysterious first bit of the application, Santander have been really good and progressing it fast.
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