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Referred mortgage Application

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mummy2014
mummy2014 Posts: 59 Forumite
Fourth Anniversary 10 Posts Combo Breaker
in Mortgages & endowments
Hi

I am a first time buyer today our mortgage advisor has informed us that our mortgage application has been referred. Has anyone else been in this situation and what was your outcome?
Any feedback greatly appreciated.

Many thanks
«1

Comments

  • ap1985
    ap1985 Posts: 325 Forumite
    It has probably been referred to a underwriter. As long as you have been honest on your application about everything I wouldn't worry so much.
    :jFinally going to be a homeowner:T
  • ACG
    ACG Posts: 24,542 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Who is the lender?
    Do you know why it has referred?
    I am a Mortgage Adviser
    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.
  • mummy2014
    mummy2014 Posts: 59 Forumite
    Fourth Anniversary 10 Posts Combo Breaker
    the lender is Nationwide no the Mortgage Adviser didn't say why, but told us not to worry.
  • ACG
    ACG Posts: 24,542 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Sounds like you are borderline on the score, it should be alright though.
    I am a Mortgage Adviser
    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.
  • mummy2014
    mummy2014 Posts: 59 Forumite
    Fourth Anniversary 10 Posts Combo Breaker
    why would we be boarder line score? We have no debts,15% deposit and we have borrowed about 50k less than what we could have.

    Could it be because my hubby is hourly paid and his wage is variable?

    many thanks
  • ACG
    ACG Posts: 24,542 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Everything on the application can affect the score, length of time in employment, in current address, income, expenditure, kids, occupation and even having a landline number. Every lenders calculation is different and nobody really knows how the score is calculated.

    See what the outcome is and go from there.
    I am a Mortgage Adviser
    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.
  • mummy2014
    mummy2014 Posts: 59 Forumite
    Fourth Anniversary 10 Posts Combo Breaker
    thank you for all your replies
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    mummy2014 wrote: »
    Could it be because my hubby is hourly paid and his wage is variable?

    Variable income will obviously have an impact. Particularly if an element is not contractually guaranteed.
  • muhandis
    muhandis Posts: 994 Forumite
    Eighth Anniversary 500 Posts Name Dropper Combo Breaker
    FYI our NW application was referred to an underwriter twice. First because their system wasn't able to correctly read our current address since it was a flat.

    I can't remember what exactly happened the second time around (except that it wasn't our fault) but thankfully my broker was great, he pestered the BDM to get the issues sorted and we ended up with a mortgage with NW. So it could be something completely innocent as well but I get that it is quite stressful until everything is resolved.
    mummy2014 wrote: »
    the lender is Nationwide no the Mortgage Adviser didn't say why, but told us not to worry.
  • amnblog
    amnblog Posts: 12,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Referrals happen when the Lender should be able to do the case but the computer does not like or understand something it sees.

    Closer to a 'yes' than a 'no' in my view.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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