What does "pass credit checks" mean? Does that include underwriting?

lawlie

Apologies in advance for the noob question - does passing credit checks mean the same thing as the underwriter going through our documents? We're applying with Woolwich and are told the next step will be paying for the valuation. The reason I ask is that we only submitted our documents one day ago so it seems unlikely that an underwriter will have been through it all?

TIA

ACG

The underwriter definitely has not assessed your application if you submitted it yesterday. 5-6 working days is their backlog at the minute.

All it means is that you have passed the initial score required. Assuming the information you gave is accurate then the rest is a formality.

lawlie

Thanks - our MA did advise it is one of the hardest parts. I'm just surprised they would already be arranging the valuation before the underwriters have checked everything?

ACG

They take the valuation fee at application stage.

They do not instruct the valuation until it has been underwritten - they have never done that with any of my cases and I tend to use woolwich a lot.

lawlie

Thanks that's super helpful. So they'll take the fee, arrange for the underwrite (a week) then arrange for the valuer to be sent out. All clear!

lady_k_3

ACG wrote: »

They take the valuation fee at application stage.

They do not instruct the valuation until it has been underwritten - they have never done that with any of my cases and I tend to use woolwich a lot.

Hi there, I am applying via woolwich too and I have my valuation booked in for next Wed but money has not been taken. Should I be worried. Online tracker states that it has gone through underwriting already.

ACG

Im sure they will take it.

I have known them to take the payment after the valuation was carried out - although that was due to mix up. The mix up did not cause any delays so dont worry.

Tori_Bellatrix

ACG wrote: »

They take the valuation fee at application stage.

They do not instruct the valuation until it has been underwritten - they have never done that with any of my cases and I tend to use woolwich a lot.

That's really interesting to know as we got our offer less then 24hrs after the valuation and wondered how it was done so quick (With Halifax)