Second stage underwriting

zeozhane

Hi All,

Can anyone advise what second stage underwriting would involve?

I'm trying to remortgage on my own following a split and was told today it has passed first stage underwriting and now onto the next stage.

The application is with First Trust Bank.

YHM

How have you ended up with First Trust? Assuming you have used a broker?

zeozhane

They're my existing provider and i'm on a lifetime deal which no one can match at present (Base Rate + 1%).

I'm also limited due to having a low credit score (now lower due to the recent hard search by my bank)

Thrugelmir

zeozhane wrote: »

I'm also limited due to having a low credit score (now lower due to the recent hard search by my bank)

Mortgage lenders will use their own criteria to score you. Meaningless numbers have no value.

zeozhane

Update:

First Trust came back yesterday looking more data which has been sent back.

Now have to wait (again) to see if it's going to be successful

ACG

Are you sure First Trust can not be beaten? I placed someone recently with bad credit (not just a bad score) at just over 2% and that was with defaults etc. Your credit score is an imaginary number.

Anyway, I can not really think of any lenders who have a 2 stage underwriting process off the top of my head. I have occasionally had cases go for audit, all of those tend to go through though.

The underwriter asking for extra documents is not necessarily a bad thing. My theory on that is they would decline your case if they were going to decline it, not ask for extra paperwork to waste yours and their time. Assuming you have been completely honest and the paperwork backs up what you have asked for, 99% of the time I would expect you to be fine.

zeozhane

Unfortunately in my case First Trust are my only option.

The current mortgage was joint with my now ex partner. He was ill back in 2009, out of work and i tried to keep up with all the bills but we ended up going into an IVA in 2010.

When he was medically retired in 2013, the IVA was settled with a full and final. So although this no longer shows on my credit file, i made it clear to the brokers i spoke too (and FT) that i was subject to an IVA that was settled.

I have no missed payments in the last two years but a default linked to a dispute i had with Vodafone (long story but ombudsman sided with them) so my credit score is low which automatically removed the option for the majority of lenders.

FT asked for my current bank statement, declarations that both my ex & I undertook IFA and an issue with a second charge showing on our deeds which shouldn't be there (already being dealt with by solicitor).

Fingers crossed as i need to get it into my name as my ex is medically retired but under threat of losing his benefits as his name is currently on the deeds.

zeozhane

Another update - just received the best news today and the application has been accepted pending valuation which should happen next week (i've already had it valued at £110K but they require their own valuation to be carried out)