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Application with underwriter help !
Naomi8255
Posts: 3 Newbie
Hi I'm new to this site so please bear with me! I have re early applied to Santander for a mortgage with a 20% deposit the affordability is well within our allowed borrowing (could borrow 200k only having £140! I have had a default in the past but have had good credit since! I passed the aip and also passed the full credit check ! The case has been passed to the underwriter now I'm worried! Can anyone share some light? Thanks
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It sounds like your almost there. Once they come back then you know. The time that my application was with underwrites was 8 days. 2 years later i remember it very clearly. You just have to sit tight, can do no more. Good luck. Xxx2017- 5 credit cards plus loan
Overdraft And 1 credit card paid off.
2018 plans - reduce debt0 -
What is the purpose of passing an application on to an underwriter? I don't undersandOveractively underachieving for almost half a century0
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Someone gets to put their name to you getting your mortgage, or not.NotSuchASmugMarriedNow wrote: »What is the purpose of passing an application on to an underwriter? I don't undersand
If they do and it later goes tits-up, their decision-making is called into question.
It's called accountability, unless you work in the public sector...I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Ah OK Thanks. So are all mortgages underwritten then? Is it standard practice.Overactively underachieving for almost half a century0
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Not necessarily.
Some lenders have fully automated systems which have little human intervention as long as the application doesn't have any "sticky-outy bits" as it passes through the pipeline.
In most cases though, a human being has to sign-off the approval of the issue of a mortgage offer. They are known as underwriters.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Its debateable but it could be a good thing. it means its gone to a real person who (in my experience) will look for reasons to give you a mortgage rather than decline.2017- 5 credit cards plus loan
Overdraft And 1 credit card paid off.
2018 plans - reduce debt0 -
NotSuchASmugMarriedNow wrote: »What is the purpose of passing an application on to an underwriter? I don't undersand
The whole process is underwriting. The underwriter has the authority on behalf of the lender to issue a formal offer. Or indeed to decline the application if they so choose. As there has to be a line drawn at a point. When there's a degree of uncertainty.0
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