How long do Underwriters take????

Chimpfeet

We have finally had all our remortgage stuff sent to the underwriters (prob received it Friday morning) by our mortgage broker. The girl who I spoke to (mortgage processor) was incredibly chirpy and positive and said we should get an offer through this week some time they'd got all the documents (it's a self cert remortgage) so wouldn't need anything else it was all straightforward. I phoned the mortgage processor up this morning and shes gone on holiday for two weeks!!Somebody else said we should hear something pretty soon. Am I being paranoid or do I have the feeling I was just being fobbed off as she'd be off somewhere hot and sunny while I fret about my mortgage? I work in customer services and some of my colleagues have told little white lies so that somebody else has to deal with the fall out when they know they are going to be off work!!! Grrr like I say I'm probably being paranoid but know what human nature is like!!!!:rolleyes:

kmate

Have same thing going on... we put in full application 9 days ago, we have chased broker a couple of times and she said "it is with underwriter". Then today after I chased them again, it turned out that they needed answers to some pretty basic questions. so it seems that not alot has been done with the application in a week.
We got an agreement in principle with another lender the same day, so we dont think that we have any MAJOR probs with what we want.
What actually do they do? Maybe if I understood all the different steps involved I would be more patient.

Scott

Phone the lender. They've probably asked for some more info and are waiting for it, but haven't got it because your advisor is in Barbados. Possibly a slightly cynical view of it, but it's a breakdown in communication at this stage that delays most mortgage applications I see with problems.

homer_j_3

Who is the lender?

kevinchapman82

A lot depends on the lender and the level of business they have at the moment. I used to work for one of the major lenders, and we would regularly have a 5 day queue for the underwriters. And if the underwriter then had any queries that needed satisfying, it would go back into the 5 day queue.

Equally, I've had offers out from lenders within 3-4 days recently. A lot depends on how busy they are. Who is the lender?

kmate

The lender is the Woolwich. Actually, we just got an email from our broker today saying that they will not lend the amount we require. Our broker says that she has got agreement in principle from Halifax and Abbey though, so not to worry too much. (!)
Trouble is, we really wanted to stay with Woolwich as now we have to factor in a hefty early repayment charge (yep, I know its our fault!) . She said on an earlier visit that it may be possible to keep Woolwich mortgage going and get an additional one with another lender for the difference. Anyone back this up????
Would be calm, apart from she has sent us a KFI from Abbey that has the wrong loan amount, and is repayment (we asked for interest only) so am slowly loosing faith in her.
Feel really fed up tonight as its taken ages to get to this stage, and on the first visit to her she phoned the Woolwich with ALL the facts and they said it would be fine. Everyone else in the chain is survey'd and wondering what we are playing at.

Chimpfeet

Our lender is igroup we got a letter on the 5th September saying they had received everything on the 3rd September and were currently processing it. Once they had done the necessary checks etc they would send an offer out to us and we must read it etc etc. Still waiting to hear from them so fingers crossed we should hear something this week. Our broker packaged everything for us (?) and said everything should be okay just waiting now its a nightmare

herbiesjp

The offer will be issued after the survey has been done - assuming all else is ok. Has the survey be done?

Seeing as they have had it 5 working days, I would suggest another two weeks max for the offer letter to be issued. Then its all down to the legal side to move things along from there

Chimpfeet

Hi when you say survey do you mean when they send someone round to value the house? If so that was all done weeks ago it was arranged by the broker - everything was ok.

toonfish

kmate wrote: »

The lender is the Woolwich. Actually, we just got an email from our broker today saying that they will not lend the amount we require. Our broker says that she has got agreement in principle from Halifax and Abbey though, so not to worry too much. (!)
Trouble is, we really wanted to stay with Woolwich as now we have to factor in a hefty early repayment charge (yep, I know its our fault!) . She said on an earlier visit that it may be possible to keep Woolwich mortgage going and get an additional one with another lender for the difference. Anyone back this up????
Would be calm, apart from she has sent us a KFI from Abbey that has the wrong loan amount, and is repayment (we asked for interest only) so am slowly loosing faith in her.
Feel really fed up tonight as its taken ages to get to this stage, and on the first visit to her she phoned the Woolwich with ALL the facts and they said it would be fine. Everyone else in the chain is survey'd and wondering what we are playing at.

not unless she was looking at a secured loan.

Woolwich processing is awful in my experience, haven't used them for quite a while though.

herbiesjp

Chimpfeet wrote: »

Hi when you say survey do you mean when they send someone round to value the house? If so that was all done weeks ago it was arranged by the broker - everything was ok.

Right - by the sounds of it, this was not your first choice lender then, as you would not have done the survey ages ago, if they have only received the mortgage on the 3rd. If the survey was done ages ago, they may still require a new survey or a re-type of the one carried out. A re-mortgage offer letter can happen more quickly, but if it is a purchase, I still think you should be looking at another two weeks max

What has your adviser told you?