Underwriter Conditions

dee19802000

Hey,

I was just looking a bit of advice, my wife and I are applying for a mortgage and we got approval in principal but It was with the underwriters for 3 weeks or more. They came back last week and asked us to clear 2 debts amounting to around £1500, which we did right away! My question is, would they do this if they weren't going to accept us?

D

Thrugelmir

Have you made a full application for a mortgage or just a AIP?

dee19802000

I made a full application!

kingstreet

Did they ask you to clear them immediately, or "on or before completion of the new mortgage?"

dee19802000

immediately! Then they will look at it again! have i been had?

kingstreet

So, how are you expected to evidence the repayment and have you provided it?

dee19802000

thats what I asked, they need letters stating proof of payment but I managed to get the companies to send an email to me to confirm payment from my own funds and sent them to the UW the same day, last thursday! I asked them to confirm this was ok to proceed on the matter and they still haven't got back!

kingstreet

Lenders usually require a letter from the lender confirming the commitment has been repaid. An email is simply not secure and is easier to falsify.

In one case, we provided a copy of the settlement letter and were asked for a copy of the credit file showing it as repaid. We explained we had no control over how long it takes Experian, Equifax or Call Credit to update records and we would be unable to satisfy our client's obligation to exchange contracts if they adhered to this requirement.

They backed down when they realised the commitment wasn't on Experian in the first place...

Once you supply acceptable (lender requirement) evidence of the repayment of the commitments, the lender will continue to the next stage of the process, if it hasn't already done so.