Help! I need a (possibly) simple answer! Re: Underwriting process

Z-dawg

Hi Guys!

Ok, so I'm going to try and be as brief as possible. We had an offer accepted a week and a half ago on a property, we had an AIP from Santander for the full asking price. We actually agreed a sale that was 7K less than the full asking price! Yaaaay for my missus driving a hard bargain!! Haha!

My credit score is 998 on Experian (CreditExpert) and my wife's is 985. They score out of 999! I'm not a British Citizen, but my wife is. We've been married for 10 years!

Our application went to the underwriters, which was no surprise with me being a foreign national, also with us getting a 95% mortgage! They signed off on everything but my salary. Our broker sent them my last 3 payslips, 2 of which was just holidays so they requested more info, I'm not surprised to be honest! So he's submitted other ones, 1 from May, 1 from June, 1 from July and one from this month! I'm expecting, they'll avarage it out!

So far we haven't had a comeback, but these payslips were only submitted to Santander Friday afternoon, so it's understandable!

We spoke to the current owner of the property, which we are buying, and he told us that Santander sent a Surveyer out today and she's done the Lender's Valuation!

So my question: Does this mean that they are about to make an offer, or would they send a surveyor out regardless? I mean, to me it seems it would be a waste of their time / money to do that, if they are not going to offer us the mortgage! But it might be part of the process, and it might not mean anything!

At the risk of sounding like a right drama queen! Please tell me how it works! We're losing sleep over this! It's our first mortgage together (my wife owned a property with her brother until last month, which prevented us from getting one until now) and even though everything looks fine on paper, we can't help but being on edge!

Many Thanks!

Fiesto88

They will usually instruct a survey upfront in all cases so don't read anything into that.

The important thing is, they've asked for further documents from you - they wouldn't do that if they'd looked at the case and decided they weren't going to approve it. Underwriters will only ask for the documents they need to justify approval of your loan. So providing the extra payslips match up to the salary you declared, should be fine. I'm also assuming you meet their foreign nationals criteria.

It should then just be a case of whether the surveyor has confirmed that the property is worth, to the lender as a security, the price you've agreed to pay.

Fiesto88

Oh - ignore those Experian scores. They're meaningless. I work in Underwriting and I've seen 999 scores for applicants with defaults under linked addresses. I've also seen low scores on applicants that have no identifiable explanation. If an underwriter needs to examine your credit file, they'll just look through each account you have and verify that it's in order.

Z-dawg

Thanks Fiesto88! I thought it might be a thing they do by default. Yes, my Nationality (Hungarian) is fine with Santander.

We gave the last 3 months of my payslips (weekly) to our advisor, but for some reason, he only sent the last 3, and as we just returned from holiday, it only showed holiday pay for the last 2. Duh! But the ones we submitted the second time round will work out higher than what I declared for my earnings, as I regularly do overtime, and I declared my basic!

Thanks again for your reply, I will sleep tonight!