Underwriters - How long for decision?

mortgage-advice

Hi,
First of all sorry with all the questions am new to this, and have had some very sound advice so far with my othe post..

My mortgage application has been handed over to the underwriters this morning? first of all is the underwriters the actual lenders? mine is platform - what are they like?? anyone else dealing with them? my mortage broker is c&g - so far they have been brilliant.. any one else with them?? what have your experiances been with them or platform?

Secondly how long does it actuaully take for a decision for mortgage to accepted fully? I appreciate there are loads of other cases also.. but just wondering how long does this roughly take? and is it a ok if it is being handed to the underwriters?

As always,
Thanks in advance

silvercar

All mortgages are underwritten so it is quite normal. I asked this question recently of Natwest and was told 48 hours; then I found it then went on to a senior underwriter who took another 24 hours!

I would guess that it would be quite quick once it got to underwriting stage; it should literally be a decision.

MyHouse75

Our mortgage offer is from Royal Bank of Scotland, our application was with the underwriter for a week, which apparently is normal for RBS.

leftieM

Alliance and Leicester took a couple of days.

mortgage-advice

Thanks everyone for the replies...

My mortgage broker has advised that the underwriter has applied for a tenancy reference (am renting) So when they get this it will "go back to offer" ... does anyone know how long this takes??

Thanks

UK007BullDog

M-A,

I can see you are very anxious to get your mortgage.

From application till the end when you are finally the owner of the property (well owner on paper ) could take up to 12 weeks in total as so many different people are involved.

1. Mortgage broker
2. Underwriter(s)
3. Getting more information, in your case getting details about your renting situation.
4. More underwriting
5. Surveyor
6. More underwriting and offer sent out if surveyor report is OK.
7. Now its the solicitor doing their bit. it can go fast or it can go snails pace, as they might ask for more info and also ask you to sign documents and send them back.

It can all be done in a month or even weeks but this is quite seldom.

Platform, well they have their brilliant moments and then also the pits. It all depends on the underwriter you get, how busy they are, if your case is complicated........

HTH

mortgage-advice

Hi Thanks for the reply,
Am very excited about the new house, just because of schools, location everything feels right etc, the valuation has already been done (last week) everything was fine no problems etc... Just waiting for the tenancy reference as underwriter has requested this but am unsure how long this takes, after this has been done, mortgage broker has advised it will then go to offer.. so fingers crossed -