GE Money Mortgage application

Evans1882

Hi

I have been dealing with a GE money underwriter and have completed all the paper work and sent them everything they needed and asked for the mortgage application (payslips, p60 etc etc) they did a survey on the house I put a offer on last week and that was all good they have now said they need to send the application to GE for final check and mortgage offer, has any one dealt with a lender like this if the underwriter is happy why does it have to go to GE money to have final say

_Andy_

er because GE Money is the lender?

kingstreet

You've been dealing with a packager.

The lender delegates the responsibility for taking the application, obtaining all the necessary documentation and valuation.

Once that is done, the lender accepts the application and issues the offer.

The process is exactly the same as for other applications, just the lender uses a third party for the early stage stuff.

ACG

I didnt think packagers or GE dealt direct with the public.

Is there any reason you have gone with GE? Im presuming it is adverse, the adverse needs to be pretty bad to use GE, there are better lenders both rate wise and service wise who accept adverse.

But yes, the packager acts a bit like the underwriter, they get everything in and ensure it meets criteria as best they can before passing it over to the GE underwriter who picks the bones out of it.

Evans1882

Hi sorry will clarify, we went to a broker due to my adverse credit, I have three defaults all of wich were satisfied in 2010 with part settlement. GE was the only lender prepared to do the mortgage according to the broker, but the process has been very long and all we are waiting for is the mortgage offer letter. As you can imagine its bit of intense time as all in our chain are staring to ask when we can complete.

ACG

Without knowing your full circumstances its difficult to say, but there are lenders who would offer far better rates than GE due to the age of those defaults. If you have supplied war and peace and your not far from the offer letter your probably reluctant to start from scratch.

amnblog

Your history suggests extra risk for the lender and therefore they have more to consider than with a clean credit application.

You need to be patient.

Evans1882

Hi

Well we finally got our mortgage offer from GE money, so the solicitors are starting the ball rolling for completion in a few weeks time. Suddenly yesterday we got a call from one of the estate agents asking who we are using to deal with the purchase as the solicitor we have instructed are not reconised by GE money. They are not on there panel of solicitors. After a couple of hours trying to contact my solicitor (it was lunch time) they tell me its not a problem they have to send GE some documents and it will not delay any completion date. This process with the mortgage application has been very stress full for us every time we think the end is near another problem crops up.