Final Underwriting - Leeds BS

stevenbeck1

I have applied for a mortgage (ftb) online direct with the Leeds Building Society. Decision in principle came back fine, sent all my documents to them (payslips, id, etc), they requested additional documents (proof of occupancy for previous address) sent that to them, valuation has been done all okay on that front....

Today I got a call from there lending team advising that they have everything they need and will now carry out final underwriting and then send out offer.

What is final underwriting? What is involved? Can they still decline me a mortgage at this stage?

Any help, advice or previous experience of such dealings would be appreciated.

stevenbeck1

So should I pay the solicitor to carry out the searches or is it best to wait for the mortgage offer?

stevenbeck1

Anyone got any advice on this one?

ethank

An underwriter checks the file and your records to make sure that they are still willing to lend.

Nothing is definite until the money is sent to your solicitor, the lender can change their mind at any time.

stevenbeck1

ethank wrote: »

An underwriter checks the file and your records to make sure that they are still willing to lend.

Nothing is definite until the money is sent to your solicitor, the lender can change their mind at any time.

But the valuation has been done. Why would they instruct a valuation before underwriting?

Thrugelmir

The valuation is part of the application process. So at the same time the surveyor is instructed , your application details will be verified and a full credit status check will be conducted, which will also include NationalHunters and the Trust Registry.

The underwriter is the person at the lender who has the authority to issue you with an a formal mortgage offer. Having reviewed the complete file.

ethank

There are many stages to getting a mortgage, and it ain't a mortgage until your solicitor has the money!

stevenbeck1

Okay - so underwriter has come back asking for 6 month credit card statements and contract of employment (as I am starting a new job). I wish they would have asked for this information from the beginning. Are they likely to keep asking for information in stages?

ethank

They potentially could do. They are going to lend you a lot of money and they want to know that you are a good risk. I was with Leeds before and found them okay, however lots of feedback on here that they are pernickety, and take a long time to process anything.

stevenbeck1

ethank wrote: »

They potentially could do. They are going to lend you a lot of money and they want to know that you are a good risk. I was with Leeds before and found them okay, however lots of feedback on here that they are pernickety, and take a long time to process anything.

Hmmm...why do I get the feeling this could drag on for a while.

I called them today to confirm the documents they required and asked if they require anything else - they said no. But said they did want to know why I was buying a house in a different part of the country to where I currently live - I stated as I am moving to start a new job as specified on my application form - after checking the advisor said "oh so you did"...everytime I call the Leeds I get a different version of events.

Like I said this could drag on for a while.