Mortgage Underwriting Process

welshy1984

Hi we are coming to the end of our mortgage application- we've had an agreement in principle- then a valuation - they asked for a whole load of documents and letters- does anyone know what the exact process of mortgage underwriting is and how far away from an official approval are we?

Thrugelmir

Until all the relevant information is in hand then there is no certainty. As there are only two outcomes acceptance or decline. Any number of factors could potentially derail an application.

The vast majority of mortgage applications are processed without any issues.

Goldiegirl

The underwriting process is basically checking all the documents you have provided, making sure they are genuine and confirming that you meet all the criteria for the mortgage.

If they are happy with everything, and the valuation is ok, you could get an offer in days. If they have queries, need clarification or more information, then it'd take longer for the decision

welshy1984

Does anyone know the exact process? Sent all the documents away plus explanation letter for a few things- bank statements checked and another explanation letter needed! Which has gone back - if I'm this far down the line is it likely i will get an offer? If so how long?

lee111s

I don't know what you mean by the exact process? What Goldiegirl explained above is how it works...each lender will have their own criteria and will check things in their own way. You'd need to speak to the lender to find out any specifics, even then they don't have to tell you I wouldn't have thought.

Dave_Ham

Looks like you want an answer, without giving a reasonable question?

What lender is your application with, what did they ask explanations of?

Should then be able to tell you the actual answer you want, although this will purely be indicative based upon the above details.

welshy1984

aldermore, they asked for explanations of payments made from my account to antoher family member

GMS

What is the explanation?

Aldermore would indicate a potential poor credit history historically. May mean further scrutiny of your finances.

What does your broker say?

Dave_Ham

As GMS correctly states, assume Aldermore were selected for a reason and you would have a broker closer to this who should be able to answer the question more relevantly.

So long as there is nothing sinister in the payment ie to your Mother £204 every month which clearly would be for credit she has taken out and you are repaying each month

So, as long as your transfer has a suitable reason I would expect them to satisfy this within 2-3 days and there offers are usually issued fairly so should not be too far after if everything else has been satisfied..

Good luck