question to mortgage brokers

emmalita

Hi have had an offer accepted yesterday of 119000. I got AIP last week of halifax through a broker,they offered 148500 but mortgage required is just short of 90000.Today broker has put in full application and has said it came back accepted saying no further documentation required. He checked progress 5 mins later and it said surveyer been instructed.I asked when is the underwriting being done and he said its not only for the survey for the house. Do you think this is right,it all seems too easy... Thanks

payless

Low LTV, its not uncommon for the " computer to say yes " and then the only thing they need is a valuatioon report ... its called fast track.

So long as you can prove income if your case is later checked ( as they do some random checks on fast tracks ) you have no worries.

koexelek

payless wrote: »

Low LTV, its not uncommon for the " computer to say yes " and then the only thing they need is a valuatioon report ... its called fast track.

So long as you can prove income if your case is later checked ( as they do some random checks on fast tracks ) you have no worries.

Spot on. Only clients with very high credit ratings get fast tracks these days, so the OP should be chuffed rather than worried :cool:

Conrad

Happens regularly. Am finding a lot of further 'Human' checks are being made, even after offer though.

Some examples;

Case offered on fasttrack by C & G, then 1 week later the underwriter did some background checks and this lead to a request for further info on the applicants other let properties and on whether the seller knew the buyer personaly.

Fast tracked case at offer stage with Nationwide - underwriters then requested proof of deposit and various other items. This then lead to questions as some of the deposit had only just been placed into the savings account.

Fast tracked case with Halifax, after offer, income proof was requested.


Fast track is essentialy a useful tool to speed up what on face value appear to be low risk cases, however, all lenders underwriting departments have by law to run further checks regardless on a proportion of cases, otherwise the lenders indemnity insurance be invalidated and FSA rules would be broken.

payless

Conrad, not disagreeing that they can ( and should) do random checks , but you seem to be seeing a lot of them- are you sure its not your agency thats been "marked"

emmalita

Thanks for your replies,broker told me it wasnt fast track?? maybe im confused lol. Have just received letter from estate agent to say that the offer has been accepted but to keep them informed at all times as others can still view until they have survey results back. Have just rung them to tell them surveyor has been instructed so hopefully halifax will get a move on

emmalita

koexelek wrote: »

Spot on. Only clients with very high credit ratings get fast tracks these days, so the OP should be chuffed rather than worried :cool:

I dont think my credit rating is excellent about 850 i think,i check it every month and its stayed the same for a few months