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  • FIRST POST
    • mummy2014
    • By mummy2014 18th Oct 16, 10:47 PM
    • 31Posts
    • 3Thanks
    mummy2014
    Referred mortgage Application
    • #1
    • 18th Oct 16, 10:47 PM
    Referred mortgage Application 18th Oct 16 at 10:47 PM
    Hi

    I am a first time buyer today our mortgage advisor has informed us that our mortgage application has been referred. Has anyone else been in this situation and what was your outcome?
    Any feedback greatly appreciated.

    Many thanks
Page 1
    • ap1985
    • By ap1985 19th Oct 16, 9:34 AM
    • 261 Posts
    • 102 Thanks
    ap1985
    • #2
    • 19th Oct 16, 9:34 AM
    • #2
    • 19th Oct 16, 9:34 AM
    It has probably been referred to a underwriter. As long as you have been honest on your application about everything I wouldn't worry so much.
    Finally going to be a homeowner
    • ACG
    • By ACG 19th Oct 16, 9:54 AM
    • 13,493 Posts
    • 6,639 Thanks
    ACG
    • #3
    • 19th Oct 16, 9:54 AM
    • #3
    • 19th Oct 16, 9:54 AM
    Who is the lender?
    Do you know why it has referred?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • mummy2014
    • By mummy2014 19th Oct 16, 10:14 AM
    • 31 Posts
    • 3 Thanks
    mummy2014
    • #4
    • 19th Oct 16, 10:14 AM
    • #4
    • 19th Oct 16, 10:14 AM
    the lender is Nationwide no the Mortgage Adviser didn't say why, but told us not to worry.
    • ACG
    • By ACG 19th Oct 16, 10:27 AM
    • 13,493 Posts
    • 6,639 Thanks
    ACG
    • #5
    • 19th Oct 16, 10:27 AM
    • #5
    • 19th Oct 16, 10:27 AM
    Sounds like you are borderline on the score, it should be alright though.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • mummy2014
    • By mummy2014 19th Oct 16, 11:57 AM
    • 31 Posts
    • 3 Thanks
    mummy2014
    • #6
    • 19th Oct 16, 11:57 AM
    • #6
    • 19th Oct 16, 11:57 AM
    why would we be boarder line score? We have no debts,15% deposit and we have borrowed about 50k less than what we could have.

    Could it be because my hubby is hourly paid and his wage is variable?

    many thanks
    • ACG
    • By ACG 19th Oct 16, 12:05 PM
    • 13,493 Posts
    • 6,639 Thanks
    ACG
    • #7
    • 19th Oct 16, 12:05 PM
    • #7
    • 19th Oct 16, 12:05 PM
    Everything on the application can affect the score, length of time in employment, in current address, income, expenditure, kids, occupation and even having a landline number. Every lenders calculation is different and nobody really knows how the score is calculated.

    See what the outcome is and go from there.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • mummy2014
    • By mummy2014 19th Oct 16, 12:29 PM
    • 31 Posts
    • 3 Thanks
    mummy2014
    • #8
    • 19th Oct 16, 12:29 PM
    • #8
    • 19th Oct 16, 12:29 PM
    thank you for all your replies
    • Thrugelmir
    • By Thrugelmir 19th Oct 16, 12:41 PM
    • 51,277 Posts
    • 43,081 Thanks
    Thrugelmir
    • #9
    • 19th Oct 16, 12:41 PM
    • #9
    • 19th Oct 16, 12:41 PM
    Could it be because my hubby is hourly paid and his wage is variable?
    Originally posted by mummy2014
    Variable income will obviously have an impact. Particularly if an element is not contractually guaranteed.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • muhandis
    • By muhandis 19th Oct 16, 1:08 PM
    • 223 Posts
    • 82 Thanks
    muhandis
    FYI our NW application was referred to an underwriter twice. First because their system wasn't able to correctly read our current address since it was a flat.

    I can't remember what exactly happened the second time around (except that it wasn't our fault) but thankfully my broker was great, he pestered the BDM to get the issues sorted and we ended up with a mortgage with NW. So it could be something completely innocent as well but I get that it is quite stressful until everything is resolved.

    the lender is Nationwide no the Mortgage Adviser didn't say why, but told us not to worry.
    Originally posted by mummy2014
    • amnblog
    • By amnblog 19th Oct 16, 1:22 PM
    • 8,850 Posts
    • 3,365 Thanks
    amnblog
    Referrals happen when the Lender should be able to do the case but the computer does not like or understand something it sees.

    Closer to a 'yes' than a 'no' in my view.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • mummy2014
    • By mummy2014 24th Oct 16, 2:12 PM
    • 31 Posts
    • 3 Thanks
    mummy2014
    I think the reason why it has been referred is because my husbands last payslip that they have is 2 September. My major concern is not that we will be declined because my hubby is now on ssp because he had an operation on 5 September. By the time the house goes through he will be back at work.
    We haven't borrowed the maximum either we could borrow up to £190,000 and we are wanting £143,650 and we have put down 15%.
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