Underwriter

Benorient

We've made a submission to Santander via London and Country.
A credit search has appeard on our credit files and our MA has rang to say that they are happy and we pass their scoring system. He assures me that the hard part is now over. The application is now with their underwriter who will be requesting various documents...can i stop stressing, or is there a chance things could still take a turn for the worst?

Cheers

amnblog

Sounds like he does not use Abbey much.

Benorient

Sorry for sounding dumb I'm new to all this, if our credit search is satisfactory and meets there needs apart from valuations issues what else is there that could cause problems?

amnblog

Abbey being useless will cause the problems, not for you but for the broker.

You will most likely get there, but to say, once you have passed the AS credit score the hard part is over, is fanciful.

BTW, is he getting the full application in today as a number of AS underwriting criteria points are changing tomorrow.

Including:

Affordability
Help to Buy
Interest Only
New Build

Benorient

The application was submitted yesterday, credit checks were carried out and iv been informed that it is with the underwriter today. For me the big worry was taking credit card debt into the mortgage, I'm presuming that as we've passed the credit scoring part I can worry less? We don't plan to complete till October as the property is currently being let out so there's no great rush.

amnblog

It's being let now? Are you re-mortgaging it as a residential?

Benorient

Sorry i worded that wrong. the house is being rentend out at present. The current tenants move out in September. We are first time buyers so completion will be early October hopefully.

Stewpot1776

amnblog wrote: »

Abbey being useless will cause the problems, not for you but for the broker.

You will most likely get there, but to say, once you have passed the AS credit score the hard part is over, is fanciful.

BTW, is he getting the full application in today as a number of AS underwriting criteria points are changing tomorrow.

Including:

Affordability
Help to Buy
Interest Only
New Build

Hi AMNblog,

What sort of things are changing to the affordability, HTB, Interest? Just curious, they tightened up in April, have they tightened again?

Thanks

Stu

Thrugelmir

Benorient wrote: »

I'm presuming that as we've passed the credit scoring part I can worry less?

The credit check you are refering to is merely the lender obtaining the datasets with which to assess your application. The datasets will be processed through the lenders own algoritmns to determine whether it's a straight pass, marginal or straight decline. The underwriter will review and determine the outcome.

Benorient

Thanks for the reply. This is getting confusing, my MA rang yesterday and said it was good news the application is fine and there's no issue with the credit check. He said all that's left to do is procedural and "admin" based tasks such as confront prof of deposit and bank statements.

Dave_Ham

You have passed the credit check and now they are to underwrite the case.

They can (and will) request specific information and/or documents from your broker and each time you hit the back of the queue.

You may wait a week for an update and it may be nothing, then another week.

The valuation being instructed is the part when the mortgage side is done and then just the valuation to await.

Good luck