Any Mortgage underwriters out there?

Sib2018

Hello,
My wife has applied for a new mortgage for a bigger property, she currently has a mortgage with the same lender natwest we have been with them for 5 years. The house currently has gained quite a bit of equity since she bought it.
She is transferring all of that as a deposit of 20 percent to the new house we have found and committed to a new 25 year term with thr lender.
The new mortgage request passed with the mortgage advisor on Monday all fine. Now it appears the underwriter is requesting more documents from her which she has no problem with it. The only thing I can think of she started a new job just over 7 months ago. And was at her last place for 9 years, she revived a big lump sum when she left paid of some debts and carried on paying the mortgage no problem she found a new job within less then a month. And she is classed as a professional as in job wise.
Maybe I am just worrying over nothing, as a friend we know who works for the lender said this is all normal. Was wondering on people's thoughts. I they want copy of her work Contract and hourly rate, amongst other stuff recent bank statement etc.

YHM

Which lender have you ended up with?

Is she on a fixed term contract?

Sib2018

Is natwest fixed term runs out next year at our current house, but she is paying cancellation fee with them to start new fixed term.

YHM

Ok, what is the structure of your wife income? Is she on a fixed term contract or permanent? Is she using overtime etc as part of the assessment

Sib2018

She is on permanent, she is not including overtime as part of the assessment.

YHM

Ok, no idea why they are wanting to look at the contract then. They should be able to assess an income from looking at the most recent 3 payslips, which is the norm for Natwest.

Cannot see them having any issues with the job change...

Sib2018

I agree, even the mortgage advisor said they prob are being picky. We have a first time buyer buying ours n no chain on the one we are buying. Evaluation is still going ahead for our new property next week which is good news I suppose. Surely it is in the lenders interest a higher amount bigger deposit being given and a new 25 year term If they decline it will be very uncomfortable as we are a current customer with them and basically stuck in our current home still paying them. Is just very stressful at the moment with the situation and had already caused arguments with my wife.

YHM

The fact you have already taken the decision to start a fresh with a brand new fixed rate product, I would personally question as to why you are sticking with Natwest anyway. Their rates aren't competitive and their back office processes can be clunky.

It would be in your interests to utilise the services of a broker to find you a more cost effective option.

Sib2018

That's what I thought but she wanted to still give them the business. They rung her yesterday querying bizzare daft amounts that came out of her bank statements she provided. O and they require her to change her maiden name to her married name and send proof on a old student account she has with them from years ago that is nearly paid off. Which is strange as a first time buyer when she went with them they did not even request this but now they do. You could be right seems the back office is thr issue being a bit over the top cautious. Trouble is if it is declined it will leave a bad taste, plus would it be worth going through a broker as I assume natwest would have already messed with her credit score kind of things leaving a mark?

Sib2018

Like I say a friend who works for them says they are very focused on lending responsibility mindset, prob a little too much.

Thrugelmir

Sib2018 wrote: »

My wife has applied for a new mortgage for a bigger property

Why aren't you applying jointly? As you refer to your current property as "ours". What financial interest do you have in the current property.