Second mortgage app go to underwriters again??

firsty

Hi all,

Hoping someone will be able to answer my question.

A bit of background info - My partner and me are hoping to reapply for a mortgage (again with HSBC - we know they are 'cherry-picking', but they have best rates for us), four months after our first application, as the house we want is still on the market.:j (on market for six months now)
Our first app was for 90% LTV, therefore needed to be sent to the underwriters, then was declined due to use of our over drafts. This was quickly cleaned up, we are able to show we can afford payments etc, and we have also managed to save a 15% deposit in the past six months.
Now we are more keen than ever for everything to move quickly, after a four month wait, and bypassing the underwriters will help with this...

So the Q is:
Will our reapplication be sent to the underwriters, even though we now have a 15% deposit?
Am I right in thinking, that because our app was sent once to the underwriters, it will be sent again, even with a slightly bigger deposit?:o

Thanks for any info. :beer:

Senior_Paper_Monitor

Every application to every lender goes to an underwriter (even fastrack applications - which don't apply anywhere near your LTV levels).

The scrutiny may vary with level of borrowing, LTV, income multiples, credit score, lender policy etc - but an underwriter will have to sign off each and every application before offer.

At 85% there will be serious scrutiny.

firsty

Senior_Paper_Monitor wrote: »

Every application to every lender goes to an underwriter (even fastrack applications - which don't apply anywhere need your LTV levels).

The scrutinity may vary with level of borrowing, LTV, income multiples, credit score, lender policy etc - but an underwriter will ahve to sign off each and every application before offer.

At 85% there will be serious scrutiny.

Oops, feel a bit silly now... When meeting with Mortgage manager 1st time round, he made it sound like, because we only had 10% deposit, our app had to be sent off to underwriters, he couldn't sign everything there and then, but that as far as he was concerned it would be a straightforward case - turned out it wasn't (long story).
Gave impression that if we had a bigger deposit (like 20%), wouldn't need to be sent off?? I'm confused as to what that was all about now...

Senior_Paper_Monitor

Don't be fooled by the title 'Mortgage Manager' !!!

I doubt he can 'sign off' the branch toilet roll order !

firsty

Ok, off to start the whole process again - hoping to have better luck this time - fingers crossed

opinions4u

Senior_Paper_Monitor wrote: »

Don't be fooled by the title 'Mortgage Manager' !!!

I doubt he can 'sign off' the branch toilet roll order !

I used to buy whichever toilet roll came with extra Sainsburys points!