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Underwriters
Banana2014
Posts: 13 Forumite
Hello,
Is it normal for a mortgage application to go to an underwriter? Should I be worried? Apologies but I'm not very mortgage savvy.
Is it normal for a mortgage application to go to an underwriter? Should I be worried? Apologies but I'm not very mortgage savvy.
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Comments
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Perfectly normalI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Very normal indeedChanging the world, one sarcastic comment at a time.0
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Banana2014 wrote: »Hello,
Is it normal for a mortgage application to go to an underwriter? Should I be worried? Apologies but I'm not very mortgage savvy.
An underwriter ultimately will authorise the issue of your mortgage offer.0 -
I have concerns that mortgage in Principle will not be honoured due to past adverse events (mortgage company are aware of the situation). To increase my chances of obtaining a mortgage can I apply for another one or find another lender as a plan B? Thanks in advance.0
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What adverse? Which lender? What loan to value?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Default March 2009 with Sandander £501 (settled two months later) this was a joint account so my partner and I both got defaulted
Lloyds TSB July 2011 ~ 500 ( settled 2012) my partner only.
Lender Loughborough BS and 15%deposit.0 -
Also several payday loans which were always paid on time and only small amounts as thought at the time they would improve credit rating. Last pay day loan 2012. Will this have an effect?0
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It would be wise to wait for the outcome of this one as if you apply for another it will leave another credit search.Changing the world, one sarcastic comment at a time.0
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Perfectly normal to go to an underwriter I am telephony support at a mortgage provider and have been training with underwriters to become one, they are just there to assess the case on a lenders perspective.
Every lender has their own criteria but from working at 2 mortgage companies payday loans can have a effect but NOT ALL providers believe so.
I.e where I currently work say as long as they haven't been in the past few months we are generally ok with them since they've been paid off.
There are adverse lenders out there and as yours seems historical being 2011 and 2012 I'm sure you would be able to find various options I hope all goes well for you I'm about to apply for my first mortgage for myself to so nerve wracking.0 -
Thank you for your responses. I feel sick with worry!0
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