Returned to underwriter after property change, whats involved?

rizla83

Hi Sorry i have already posted something similar but we recently received a mortgage offer from Santander. We had to pull out of the purchase due to the homebuyers report flagging up a few things.

We have since had an offer accepted on another property and where advised by our broker it would be just a case of filling out a change of property details form and then booking another valuation etc.

Our broker has since been informed that it has gone back to the underwriters?

My question is, is this just because the underwriter will be the person who has to sign it off to go back to valuation?

The reason it seems strange is because although our original application was submitted in February i think Santander had already started putting the applications through the new process. We got asked for allsorts of work contracts, had our statements looked through in depth, they asked what certain payments where and all of that stuff.

They have every document you could think of from the first application so am i right in thinking this is not going to be a long draw out affair like the first time round.

The new property is £6,000 cheaper than the first one so affordability does not need to be checked etc.

would really appreciate some feedback.

I can't see why they would start the process again considering i have a physical mortgage offer for a higher amount from them just over a week ago.

cheers.

haras_nosirrah

The reason you need to go through all the checks again is your case will now be subject to mmr due to the legislative changes that have happened since your first application. This means there will be further affordability checks made

rizla83

i'm pretty sure they carried out all those checks the first time even though it was prior to the deadline. I was common knowledge that they where 'testing' the process a few months before the deadline. We got quizzed on everything. Even down to a couple of paypal payments for under £5!!

Anyway, like i said the new amount is £6,000 less than our first one and it is less than 3x our salary. Even if they stress tested it at 7% it would still pass. Our affordability was one of our strongest points so there should be no problem. Its just MORE time.