Woolwich

chris344

Hi all

We currently have a mortgage application with the Woolwich to purchase the reminder of our shared ownership property (£358k loan in total)

What are the Woolwich like to deal with? Our application is currently with a senior underwriter for the next 48 hours.

They have just received all the documentation.

Thrugelmir

Underwriters operate under the Company's lending policies which are set at board level.

chris344

I'm just a bit worried, we have a £300 free planned overdraft on our joint account and £100 on our solo accounts and we regularly use them because they are there. Never unauthorised or unplanned.

Let_Us_See

All it means is every man and his dog has assessed your applications (this is Woolwich's processing system) and decided no additional information/documentation is required, and has passed the case to an underwriter. I can assure you the 48 hours is the "queueing" time and the actual assessment will take only minutes.

Use of agreed overdraft should not present a problem.

chris344

Thank you.

I have just called for an update, they have all the documentation and it's currently waiting for the underwriters to review it. It will then go to an automated or physical valuation then hopefully offer.

pinkpiglit

I found dealing with the woolwich much like pulling teeth. Admittedly our application was over the phone rather than in branch, and I suspect that may have had something to do with it.

Ours went to the underwriters due to size being over £500k where it was approved, subject to valuation. Once we got the valuation back (which came out ok) it went back to underwriters again and they approved it pretty much straight away.

chris344

Just an update:

Valuation has been instructed for Monday, subject to seeing my employment contract, this months pay slip and the valuation they should be in a position to offer

chris344

Update:

17/12/13 - Valuation obtained
9/01/14 - Housing Association agreed price
10/01/14 - Broker instructed
20/01/14 - Solicitor instructed
23/01/14 - AIP from Woolwich
03/02/14 - Valuation undertaken
03/02/14 - Lease sent to solicitor
04/02/14 - Valuation back, matches price
04/02/14 - Valuation accepted by Woolwich
04/02/14 - Woolwich request 2012/2013 P60's for my self and partner (why both years?)

Really thought the valuation was the last document, really want that offer to come through! I called yesterday, at that same time as my call, an underwriter was in my case. The operator said it looks like it's going to be an offer...

Ten minutes later I got a call to say they now wanted 2012/2013 P60's for both applicants. What are the chances of this still being declined? P60's prove there are no employment gaps.