Underwriters!

ellyp95

Hi!

I am a first time buyer, and we put our mortgage application in yesterday through our mortgage broker. Our mortgage broker seems very positive that it will be a good outcome and our application should be approved. But I am so nervous and on edge!

On a couple of my bank statements that they have asked for, a few days before my pay day I have been left with a very small amount of money in my bank.. We're talking like, only £5 left! This is mostly because the bank statements that have been requested are the past 4 months, which covers big spends over Christmas, and more recently my 21st birthday at the beginning of February.

Even though my balance got so low, I never had to go into overdraft, and all my rent and bills were paid for on time. I have explained all of this to my mortgage broker and like I said he doesn't seem to think there will be any problems and it should all go through smoothly,but I have read online that underwriters go through statements with a fine comb so I am really worrying myself. I really want it to be approved, it is my dream house!!!

Everything else so far has been fine, credit scores have been checked and approved. It is just the underwriters/bank statements part I need a little advice with! What are other peoples experiences with the underwriter part?

Thanks for reading

elverson

Recently got a mortgage and my statements were similar, going down to about £20 the day before payday. No questions asked.

Not all lenders go through bank statements line by line so don't worry.

elverson

ellyp95 wrote: »

I really want it to be approved, it is my dream house!!!

However... you will find at least something wrong with the house if/when you get the keys so try to keep calm!

ellyp95

Thank you elverson! You've made me feel a bit more at ease - yeah, I know there will probably be something wrong with it if/when we get it, but its all just very exciting right now lol

TopperHarris

Underwriters didn't have an issue with me being my overdraft up to -1000 most months

Belloubec

I have just been approved a mortgage and was asked for 4 months bank statements. Like you we were concerned because our spending was very high over Christmas although never used our overdrafts and we also go engaged top and started booking wedding stuff. I was really nervous but actually it wasn't a problem at all

ellyp95

Oh thank you so much! I feel much better about it now how long does it usually take to get an answer? I'm too impatient lol

amnblog

It takes much longer than you have the patience for - therefore you will need to bear with it.

trakky14

We've just had our offer, 3 weeks in total! Most say 2-3 weeks, we did have a few questions over my husbands employment which delayed it about 3-4 days from what we could tell.

Its a stressful time, good luck!

ellyp95

Oh my word, 3 weeks! I don't think my nerves can take that long lol. It's only been 2 days since we put the application in and I'm already on edge! Congratulations on the offer though @trakky14 !

TopperHarris

Its a horrible time waiting. The time is made worse by reading horror stories on here.