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How long do Underwriters take????
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Thanks herbiesjp. The original survey was done the second week in august. Our mortgage processor (who was a trainee by the way) messed our application up and it was passed to someone more superior. We then had to fill in a couple more forms and what with the bank holiday etc she only sent it to the underwriters on the 31st August they received it on the 3rd September. I did notice our redemption figure for current mortgage expires on the 11th September do you think they are asking for up to date redemption figures again?0
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OK - I see now
Well if they have all the paperwork, the survey was ok, then I would be pushing for an offer letter by the end of this week seeing as they have messed up in the beginning.
Have they advised you of any delays in their turnaround times?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I'm a mortgage/lending underwriter, and the decision takes about 15 minutes! Although if further supporting documentation is required, I would only be able to give an agreement in principal, subject to whatever is needed. Once the supporting documents come in, it normally takes about 10 minutes to give them a quick check over, and then that's it, job done.
So if they are dragging their heels by saying it is with the underwriters, they either have a large backlog, or they haven't yet received everything they need to make a decision (or just possibly, they are really incompetent....and if it's the Woolwich, I know which one of those options is probably correct).
Good luck, I hope you get it sorted and get your offer document through quickly."I wasn't wrong, I just wasn't right enough.":smileyhea97800072589250 -
Thanks, we are now back to square one...as I said, woolwich took over a week to decide NOT to lend us the money.
Going to see a different broker tomorrow to see what our options are, we have been told Halifax and Abbey are ok with what we want, lets hope their service is better!
Incidentally, our original Broker has gone away on hol for two weeks without notice, leaving us high and dry. AAAAAARRRRRRGGGGGHHHHH!!!!0 -
I think your frustrations are justified.
Most brokers will know where the case fits and does not. You seem to have been a crash test dummy for the trainee.
If you have had credit checks done with a few different places, I would be wary of ruining your credit score and worthyness. It may pay to look at a lender who doesn't leave a footprint and will stretch income if this is what is putting the block on things.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Ours is with GE money and our mortgage processor at the brokers has gone on holiday for 2 weeks also (do they all go on holiday at the same time???)I phoned the broker up and spoke to one of her colleagues who said that I could speak to anyone there and they'd be able to help she just said its at the underwriters and it can take about a week. Perhaps they have got a backlog I've not heard anything apart from the acknowledgement letter from the lenders. Whenever the post comes I pounce on the letter box!! Think I'll give them until Wednesdays post then take the bull by the horns and phone them.0
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Its not a 100% mortgage with GE is it?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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No its not 100% remortgage think we are borrowing the maximum we can. I didn't think anybody did 100% mortgages anymore.0
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because they pulled some deals at 100% under their first national brand.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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No its not 100% remortgage think we are borrowing the maximum we can. I didn't think anybody did 100% mortgages anymore.
Still 100% deals around, but need to be squeaky clean on the credit history frontI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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