underwriter delays?

naranzano2be

Hello we sold our house to a first time buyer and were due to exchange contracts last Tuesday it now transpires that her mortgage application was held up with Barclays and only passed to the underwriter on WQednesday (5 working days ago) we are apparantly waiting for this to be rubberstamped and then can exchange and complete. Our agent tells us he knows what she earns so the mortgage should not be an issue as she has a big deposit. so why the delay? is this common? the survey was done 3 weeks ago and we were told this was fine?

Cuilean

I was where your buyer is about six months ago. The mortgage went back and forth to the lender because my broker kept making errors on the application form. Nothing huge, just ticks in the wrong boxes or typos. After the first incorrect form went to the lender, the mortgage deal we were applying for expired, so then they needed another set of forms sent in. I think it took three goes until it finally went to the underwriter. I had to move out of my old place so I didn't break the chain, and spent a small fortune reassuring the estate agent it was definitely proceeding, and nagging the lender with the promise I'd go and sit in their HQ if it meant getting the forms and delivering them to my solicitor faster. I then got held up when my useless solicitor decided he'd take a last minute bargain holiday and not delegate our case. By the end of it, it probably added a couple of weeks to the process. To say they were stressful would be an understatement :eek:

Either way, lesson learned. I'll be filling in my own forms next time. Thankfully the property I bought was ex-rental, and the vendors were incredibly good about it. I even bought them a thank you card, but then realised I didn't have their new address. Doh! I'm sure your buyers really appreciate your patience