Valuation done, offer received now pulled for audit??

Danny_boy2015

Hi all.

We have had an offer accepted on our first family home, had agreement in principle, valuation completed all ok, had an offer through the post the next day from the lender and three days later the mortgage has been put on hold and pulled for audit. Why would they offer the mortgage and then pull it for audit?? Very confused.

betmunch

The audit department is run completely separate to the standard mortgage processing as its job is to make sure they are doing their job correctly.

A mortgage application can be pulled for audit at any stage between the application and completion

Danny_boy2015

Thanks for your reply. I really appreciate it. I just cannot understand why the mortgage has now been pulled, surely it should be done before the actual offer is sent out? Would they be double checking our details or checking their own mortgage departments work?

ACG

There could be something they are unsure about/high risk or it could be completely random.

There is a lender who when I registered with them, my first case was pulled for audit. I sent them more cases and nothing checked again. I then set up on my own and my first case was pulled for audit...it could be completely by chance or that could be what they do. In either case, both went through without any issues, they were both delayed by a day or 2 but no issued were raised.

betmunch

Danny_boy2015 wrote: »

Thanks for your reply. I really appreciate it. I just cannot understand why the mortgage has now been pulled, surely it should be done before the actual offer is sent out? Would they be double checking our details or checking their own mortgage departments work?

It's nothing to do with you, they are checking another departments work. Status of the application is largely irrelevant.

They could have specifically waited until it was offered as they wanted to make sure processing had completed their process.

Having said its nothing to do with you, it is possible, even likely, that audit with decide that processing have not been thorough enough with your application and make them go back to you for more documents

Danny_boy2015

Ok. Many thanks for your comments. I guess it's just a case of waiting to hear. We have given them everything they have requested so far, and as far as I'm away the criteria is met, hence the mortgage offer being offered and received by us in the post. This was last Tuesday, so maybe we will hear either way, soon.

betmunch

Call your advisor on Monday and explain this us holding up exchange of contracts and ask what timescales you should expect for a result

Danny_boy2015

He initially said it should be 4 about days, so possibly we will hear tomorrow. Worst ways he said he will chase them on Tuesday if nothing has come back. We shall just have to be patient. Which is easier said than done

betmunch

Danny_boy2015 wrote: »

He initially said it should be 4 about days, so possibly we will hear tomorrow. Worst ways he said he will chase them on Tuesday if nothing has come back. We shall just have to be patient. Which is easier said than done

Sounds like its all under control. Just wait for news

Danny_boy2015

Thanks for replying. Have a nice weekend.

Danny_boy2015

Will come back either way and let you know the outcome. Would be interested to hear if this has happened to anyone else too. Thanks