Mortgage further advance

ianh68

Hi all,


OK long story short myself and wife have separated and I have the house. House worth £162k, outstanding mortgage £92k with Halifax.


I have applied for an additional £35k to clear all the debts we accumulated together - my income £75k a year.


Went in branch and got AIP with (apparently) an A pass. Did full application there and then and had all documents with me. Found out there was a rogue charge showing on the property on their system. Don't know how but after two weeks work got that taken off.


Question now is twofold:


1) In branch adviser said all credit checks at full application passed and she needed to do a case file and send it off for verification. Is that underwriting or is it just checking?


2)Was full and transparent on everything and provided a full set of income and expenditure. All affordability was fine. I was surprised though on the A pass (and I checked not a pass but an A pass). Had some problems about eight years ago but all settled although one wasn't done until 2012 (not a default just showing as arrangement to pay) so still on credit report. In the months following the split also took out a couple of payday loans just while sorting out deposit and so on for place I stayed temporarily. All pad. Finally there are a couple of missed payments five years ago. With all that I wasn't expecting a pass at all. So question. Is an A pass likely in those circumstances? What sort of chances do A passes have of completing or are there lots of underwriting stages which comb over the conduct stuff?


Any help gratefully received.

Thrugelmir

Branch mortgage advisor is certainly not an underwriter. All you need to concern yourself with is passing Halifax's criteria. Not the grade.

ianh68

I was led to believe that they underwrote in branch, although of course I expect that is not the total picture but thank you Thrugelmir

Thrugelmir

Underwriters will have the authority up to prescribed limits. To approve the offer of a mortgage to applicants on behalf of the lender, i.e. the ultimate decision maker. Different to people who simply work within the functions that perform underwriting tasks.

ianh68

Still waiting to hear as it seems the information was sent to wrong ma internally. Sorted that Friday and now just waiting. I don't mind if it is a yes or no, in the latter I just have to look at different approaches, it's just the lack of transparency that is a pain. Maybe in this age of social media and constant feeds of information I am too demanding

SuboJvR

ianh68 wrote: »

Still waiting to hear as it seems the information was sent to wrong ma internally. Sorted that Friday and now just waiting. I don't mind if it is a yes or no, in the latter I just have to look at different approaches, it's just the lack of transparency that is a pain. Maybe in this age of social media and constant feeds of information I am too demanding

Patience patience!

Agree it is hard though.

I just got notified of our offer from Santander 2 weeks and 1 day after submitting. So yeah, try and sit tight, and let them deal with it all. They'll be in touch pretty quickly if there's any glaring issues, or if they need more paperwork. IMO to begin with no news must be good news

ianh68

Hi subo. Yes saw that on other thread really pleased for you. I know you're right although the cynic in me says they will just write to say no and not call so that's why I haven't heard lol. But yes it is a waiting game just needed to vent. Hope all goes swimmingly for you from here in