Mortgage application with Senior Underwriter?

shapecontractor

I think I detest being self-employed in this current economic climate. My wife and I are currently going through a mortgage application which has been agreed in principle. We've been turned down a few times over the past even with good books! We've filled in the application, submitted accounts, payslips (she's employed). We were told this would then go to the underwriters with a decision in around 2-3 days. I called them today asking how the application was progressing and was advised it is with a senior underwiter...?? Is this good, bad? anybody have any experience of this process?
Thanks Jim

Dave_Ham

shapecontractor wrote: »

I think I detest being self-employed in this current economic climate. My wife and I are currently going through a mortgage application which has been agreed in principle. We've been turned down a few times over the past even with good books! We've filled in the application, submitted accounts, payslips (she's employed). We were told this would then go to the underwriters with a decision in around 2-3 days. I called them today asking how the application was progressing and was advised it is with a senior underwiter...?? Is this good, bad? anybody have any experience of this process?
Thanks Jim

Sorry Jim, I think this is just made up.

Everyone always tags on Senior Underwriter if you have waited a while and almost a common blag.

Being Self Employed should not be an issue, they score in the same way as they would employed although do require a few more numbers, figures and maybe confirmation from a qualified accountant.

Good luck

The_J

Just means its with an underwriter. They all seem to be senior underwriters these days, once they've been in the job 3 weeks they are now "senior".

Best of luck

shapecontractor

Thanks for the replies and that has put our minds at rest in the shorth term at least. If only they'd said it's still with the underwriters but delayed due to how busy we currently are etc I would not have gone through every scenario of why it has gone to the senior underwriter... when you're told that then you just assume the worst especially after previous knock downs...

Simon_gloster

Underwriters have different lending mandates.

Principle/snr underwriters can authorise or agree bigger loans. They do exist.

For eg a norm UW would not be able to agree a £10m loan for a prem footbeller. Anr get involved for £1m loans or more or where a norml uw has picked up something amd needs it confirmed and scrutinised by a higher lending authority.

Personally i'd be worried if self emp as they can liase with HMRC about what income is declared for tax and whats used for borrowing.

If no descrepency, then dont worry.

The_J

No lender has ever contacted HMRC for one of my clients. They take what HMRC say they have declared as gospel.

Simon_gloster

Await my good man. Systems are in place for a muti agency approach to prevent financial crime.

The_J

Good stuff, cannot stand these tax dodgers.

shapecontractor

I agree with what you say, I'm a sole trader and the profit in my business is exactly what I paid income tax on, didn't take dividends etc so not all self employed are tax dodgers, that's normally restricted to MPs isn't it ;-) They have original returns from HMRC. I was only worried that after giving the lender everything in black and white and after agreeing in principle it was now with a Senior Underwriter? Only for him to over-rule everyone else that siad we were in with a chance and then dash our hopes of moving forward

Dave_Ham

Good for you - sleep easy this will be fine as you have told the truth and that is all they want and to assess you accordingly.

I am sure you will get an answer soon, Nationwide are just a bit slow at the moment (took a punt on Nationwide due to delays)

lilyloo17

Don't know if it helps as i know nothing about mortgage underwriters, but i'm a life insurance underwriter so assume principals are same. Like someone said diffident uw have diff levels amounts they can sign off - so for large cases we normally uw a case but have to send to senior uw whose being there donkies years to check case and do final sign off. Although we'll also send to a senior for an opinion if were unsure on the decision and want there take on it etc.