Woolwich Application- Advice Requried ! Any Underwriters out there.

glasgowchick

Hi all,

I have been reading your board for some time but I really need your expertise. I am going to sumbit my mortgage application with the woolwich on Monday. The application is for £44.000 for 50% of a shared ownership.

I completed the documents over the phone and they are being sent to me as I type.

I have got passport and driving licence as has my partner who is the joint applicant. We are also sumbitting bank statements.

My partner has only ever had an overdraft on his current account and no other debt, however he has never ever exceeded his overdraft limit. He is on the voters role and has lived at his current address for his whole life.

I on the other hand have quite a bit of debt however again have never ever misssed any payments, been at my address 15 years and am on the voters roll.

The woman over the phoned seemed happy with our application, however I want to do everything within my power to get this application accepted as it would change our lives.

We are both 22 so fairly young, and both graduated in July. Do you think it would be worth sending our uni certificates.

The loan is over 30 years which Barclays suggeted as it will only take us to aged 52, well below retirement age.

I really really need all of the advice that you can offer. Even if it is critical I would like your view.

Thanks in advance.

glasgowchick

Where are all you experts. ???? Thanks

silvercar

exactly what deal have you been offered? what are the costs?

To know if there are better deals you willhave to put salary details and details of how bad your credit rating will be - CCJs etc.

glasgowchick

3 year fixed at 5.69%, no arrangement fee.

Neither of us has an ccj's, We are in Scotland or their equivilent..

Salary 1 £18.000- reduced to £11000 after debt principles-according to Barclays.
Salary 2 £10.000


We both have 2nd jobs however Barclays will not take these into consideration.

brokerclancy

From what I can see, it appears to be fine and don't see any reason why they would reject it. Mind you, I'm not the Woolwich.

Did the girl on the phone give you an agreement in principle over the phone?

You only tend to send Uni certificates if it is a Graduate mortgage you are applying for.

glasgowchick

Thanks, It ain't a graduate mortgage as such, However the girl on the phone said that they are more likely to lend to graduates as they tend to get a job faster if they loose their job.

Do you have much experience of the Woolwich?

Thanks,

brokerclancy

I find the Woolwich very good to deal with as a broker and have dealt with them quite a lot recently.

However, I've not dealt with many shared ownership cases, but your total earnings and amount you wish to borrow look fine from afar.

It can be a stressful time, but you have to just keep calm. I would have thought that the girl on the phone would have not proceeded with the full application if she was unsure of you getting it. She would have spoken to an underwriter first I would have thought.

They can'y really say prior to the formal issue whether you have the mortgage or not, which is annoying, but this keeps everything in order.

Good luck

glasgowchick

All advice so far has been great, If anyone has anything else to add please feel free.

UK007BullDog

Only send in the information they have asked for. Not more. If they see more than what they asked for it might work against you.

I am at home on HOLIDAY (how sad to be on here LOL), so cannot say much about the rate. I do not have sourcing software on my home PC as the software is too expensive so only have licences for the office. Did you research it by yourself? I personally would not touch the Woolwich with a bargepole. Their rates are not competitive. The only product I could recommend from them is their lifetime tracker as it has no fees at all and suitable for the very small mortgages.

glasgowchick

Just an update, I sent my application away last Monday registered delivery. The Woolwich wrote to me on Wednesday to confirm that they had recieved it, So admin wise they seem ok so far,

I have now been told that all of my information has been entered onto the system and is in a 2 day queue to be looked at.

After it is looked at they may request further info eg, employer references.

All this waiting is so annoying.

Are they likely to organise the valuation before or after the credit search.

I have sent them a cheque to pay for the valuation however as yet they have not cashed it.

Any advice would be appreciated,

Many Thanks

loujay_2

Im dealing with the woolwich at the moment. I would say if your in a rush and can tolerate hanging on the phone in a queue then keep at them. My last application took 3 weeks just to get the survey, I had EA mithering me and I felt like I was in a no win situation. Fortunately for me, they took so long, my buyer in the mean time pulled out and it meant I lost no money as I cancelled the valuation. Sad way to look at it I know but at least there delays saved me paying for a survey!
Good luck, I rang them last week on numerous occasions to get the valuation done as we are in a massive rush. The money was deducted on Sunday and the valuation is being done on Friday. Who knows when I get my mortgage offer!