Am I ever going to get this mortgage

bertiewhite

I was in a similar situation with Virgin. We were downsizing to a smaller, cheaper house and the new mortgage (with the same company) was actually £20,000 less but despite being told my credit check was excellent, they still had to go through underwriters because of my job.

FairyPrincessKimberley

ACG wrote: »

Sometimes it just happens. If they are requesting documents, they are not saying no. I would rather an underwriter ask for 10 documents and accept than 0 documents and decline.

Im not trying to make brokers sound better than we are, but this is where a broker tends to help. If I ask a customer do they want the cheapest rate or the easiest lender (assuming the cost is with £10 a month difference) 99% of the time for a purchase they will say easiest.

As an individual, most tend to go for cheapest.

trust your broker, audits happen. I have had 4 audits in my time as a broker, only one was overturned and declined - I still disagree with that as the lender changed their criteria after the application was submitted, but in the main if the underwriter has done their job, there is nothing to worry about.

Thanks for the advice. Well fingers crossed it all goes through fine and it just one of these things! Really dont fancy going through this process anymore! In your experience how long did these "audits" take ? a few days?

Thrugelmir

FairyPrincessKimberley wrote: »

Barclays said that they had assessed all my documents and credit report etc and it was good to go this is why i am confused at this stage just before they send out the offer... its being randomly audited?!

Internal auditing is conducted to ensure that there's compliance with policies and procedures. It's not you that's being audited. Just happens to be yours amongst many that have been selected.

If audits weren't random it would defeat the objective entirely.

Mrs36

I share your frustration - our valuation was carried out the same day. Our broker asked for one more bank statement and has since gone very quiet. Hopefully it is just being processed and nothing to worry about.

I hope you hear soon.

FairyPrincessKimberley

Thrugelmir wrote: »

Internal auditing is conducted to ensure that there's compliance with policies and procedures. It's not you that's being audited. Just happens to be yours amongst many that have been selected.

If audits weren't random it would defeat the objective entirely.

Hi Thrugelmir so as long as the underwriter has done his/her job properly i shouldn't have to worry about the decision going from a positive one to a negative one?

Thanks

FairyPrincessKimberley

Mrs36 wrote: »

I share your frustration - our valuation was carried out the same day. Our broker asked for one more bank statement and has since gone very quiet. Hopefully it is just being processed and nothing to worry about.

I hope you hear soon.

Thanks same to you

amnblog

They run internal audits on a proportion of cases so that they can prove to the Regulator that their checking processing are sound.


They will be checking that the required data is on the file in the correct format.


Not a finger pointed at your case. A finger that happened to fall on your case.


'Cannot say how long it will take' is a classic approach from an audit team who have no interest in the customer experience in the same way that a sales team 'might'.


They have only had your case 5 working days so even if the audit team do not release the file until Monday you have still seen a swift turnaround.

AFF8879

When I applied for a mortgage on my first time buy last year, I was turned down on affordability grounds which I though was bizarre. Applied instead to HSBC which went through seamlessly.

Fast forward a few months when I'm happily settling into my new home, and I get forwarded a letter sent to my parents address saying that internal audit reviewed my application and that they were wrong to reject me - and apologised for "any inconvenience"...I wanted to sue them for the stress caused but thought I'd better just let bygones be bygones....

FairyPrincessKimberley

guys just to update you all after me ranting about how they said they needed to do an audit about 10am 31/1 at 4pm the same day the offer came in :):) delighted!!!! thanks to everyone for their reassurances!