Mortgage gone to the Underwriters??

LauraEdson

Hi Everyone,

I have recently had an offer accepted on a house, as a first time buyer. We've sorted out the solicitor and also chosen our mortgage company. Once the mortgage company had all the information that they required, they submitted the mortgage for us, through their automated system.

She told me that a response is usually given within 2 hours and she'd let me know the outcome but she couldn't see any issues with it. I got a call later on that day to say that the mortgage submission had instead gone to the underwriters for referral? At first I was quite concerned but she said it was 'relatively normal' when dealing with Building Societies as they're more strict?

Does this mean that there is some kind of issue that they've noticed?

Any advice you have on this would be greatly appreciated as I'm a little worried! If nothing else, will it delay the whole thing?

amnblog

One of a number of similar queries we see on here every week Laura - and not a concern in all likelihood.


Most Lenders today try to build computer systems that can make the simple underwriting decisions automatically. When this works the case does not need manual intervention.


Often it doesn't - and in most cases that is nothing to do with your profile or chances of obtaining lending - it can be as simple as the system not finding your address automatically. This then needs a person checking the file.


it is a great shame Lenders do not make a better job of communication to both borrowers and brokers on the progress of cases. it would bring an end to a lot of unnecessary worrying.

LauraEdson

Thanks very much for that - you've put my mind at ease.

How long can the underwriting process take? Does it delay the purchasing of the house in any way?

We don't really have a chain (the vendors are purchasing an empty bungalow) so it could all happen pretty fast if there were few delays.

amnblog

That of course depends on the Lender and their workloads Laura - the Lender is best placed to answer that question for you. Indeed, it is another example of poor communication if they have already not done so.