Virgin money application

Ban

Hi there

Really worried about my application.

I'm a ftb and submitted application over a week ago. Asked FA if he'd heard anything and he was told the loan amount requested was unaffordable so they went through their own calculator and it came back it was affordable, as it was from the very start?! So the case has now been referred to a senior underwriter to sort out and I'm supposed to hear back soon.

The survey hasn't been done yet and from what I've read on here, that's done first?

Any advise please, running out of nails to bite!

kingstreet

Before a broker submits an application to any lender, he first ensures the case passes the lender affordability calculator and gets a copy of the calculator output and saves it for compliance reasons.

If the application is declined on affordability, the broker did not fully check the case prior to submission and that is not acceptable.

Under such circumstances, the valuation won't be carried out because the lender has identified right at the outset that the case shouldn't have been submitted and it will hold a dialogue with the broker before deciding on the future of the case.

Ban

I have an AIP and the case did pass the affordability calculator, which is why he questioned it with them. They even agreed it doesn't make sense, hence being referred to senior underwriter.

I've never heard anything like this, so not hopeful now. The money has been taken for survey.