FTB Questions - Please Help!!

squidgychesspiece

Hello

DH and I are trying to buy our first property with a 25% deposit.

I was wondering...

1. Our credit search apparently came back ok and we have been accepted based on that but when I have looked at my Experian report it only shows a 'search with no impact'. If they had taken a proper look at our credit files would it not show a 'search which affects your score' (like when you apply for a personal loan)?

We don't have adverse history other than I have a couple of late payments from around 7 years ago - which I disclosed - but I wonder if they have seen these and taken them into account?

2. Do all mortgage applications go to the underwriter or only some? We have passed the credit check supposedly but is there another hurdle before we receive a full offer?

Thank you so much to anyone that can help. I feel completely in the dark at the moment!!

betmunch

1. Credit search came back ok, irrelevant whether it was a search with no impact, a search with impact, or anything else Experian might call it. The lender has done what they want to do at this stage in its fine.


2 All mortgage applications are underwriten, some require higher level people to look at it than others, but all cases are underwriten in some form or another.


Hope that helps

squidgychesspiece

Hey, thanks Betmunch.

I'm so worried about it all. Even though we have obviously been completely truthful on our application I am one of those people that still panics and thinks something might be wrong!! I fell like I'm lying even when I'm not as I get so paranoid, haha! Hope the underwriter hurries up and does whatever he's doing as I can't take the stress!!!

betmunch

In general lenders are slowing down due to an increase in applications thanks to the stamp duty changes so just sit tight and the response will come once its your turn in the queue

MortgageMamma

Pester your mortgage advisor until he/she responds, they should look after you as well AFTER the application has been done as they did before it was done. If you have questions get the adviser to answer them. Sometimes its better to email them in so it goes on the "to do" list and the adviser can answer you when less pressured.