AIP Referred to Underwriters

Becsie

Hello all


I'm really panicking that my AIP has been referred to underwriters.


I am looking to move to a 160k house, putting down a 30k deposit. The 130k I wish to borrow is around 4 x my salary.


I've been paying my existing mortgage for 9 years and 10 months to the same building society that I am applying to now, never a late payment.
I have no late payments on anything at all.
I have zero debt.
I use my credit card occasionally to make small payments then pay it off in full the next month.
Generally I put around £500-£700 into my savings each month.
I took a 1 year car finance package in March for £3500 because it was 0% for 12 months, I've now paid that off as advised to do in the informal meeting I had before going to the AIP meeting.


I really can't work out why I got referred, I've applied to see my Experian report as I want to check if this could be incorrect but it will take 7 working days - every minute of waiting is torture!


June was an expensive month for me where I made 0 savings as I needed a new bed and it was my annual car insurance payment, so I'm really dismayed that the underwriter will need to see that rubbish month in the statement.


Also I travel for business constantly and often take my own car and claim mileage. I didn't feel I got a chance to explain that all the money I spend on petrol gets reimbursed at 0.45p a mile, also I'll often have a KFC or McDonalds on the way home which again I'll claim back but didn't get a chance to explain that. On the 3 months of statements I had to provide I visited these takeaways 10 times and feel a bit fearful that this will look bad like I'm hooked on eating out, even though it is reimbursed and a normal lifestyle for anyone that spends a huge amount of time on the road!


Anyone have any ideas why I got this referral? It could take up to three weeks before I hear back.
Many thanks

amnblog

You can be referred for any number of reasons. It is just that the computer cannot find all it needs to make a decision. Can be as simple as an address format (4 5 Station Road v Flat 4 5 Station Road)

Three weeks seems a ridiculous amount of time for a response, where did you get that timescale from?

Kels86

Our mortgage has been referred to underwriters with TSB, i think this is due to OH being Self employed.

It has been there a week and still no answer, however, our mortgage advisor is on annual leave.

No survey has been instructed either.

Any advice??

cahillg81

If an underwriter is looking at something there isn't much you can do other than provide the required documentation and wait.

Does your broker have anyone standing in for him whilst away?

Becsie

Thank you, looking at my credit report - each item entered on there has my address slightly different so perhaps that is it. The lady at the building society that was giving me the AIP told me to expect to wait 3 weeks but with luck it would be sooner.

Noctu

Quite common - ours was referred (Nationwide) but fine on full application!