Mortgage application has gone to chief underwriter, should I be worried?

davidjames_96

Hi

I am a first time buyer applying for a mortgage with one of the big banks, along with my partner, through a mortgage broker.

Our mortgage broker did some initial checks such as credit checks and affordability and everything came back fine. Due to our circumstance being that my partner is a Newly Qualified Teacher (meaning she only starts her first job next month, has no previous employment, and is on a 1 year fixed term contract) we were recommended a certain product by our broker. I currently work full time and have done for the past 4 years.

Before applying, our broker checked with the bank that our circumstances were okay, and they said yes they are, submit the application.

Today, we have been told that credit and affordability is all okay however the case has gone from the normal underwriters to the chief underwriter due to the contract as he needs to assess the risk and make the final decision. Should we be worried? Our broker has now said its 50/50 as to whether they accept us on this basis.. even though on the phone they said its okay??

Any advice or past experience would be great!

Thanks

ACG

It should not be 50/50, everything should have been checked before submission.
I do not think anyone can give you the reassurance you are after. You have passed the initial checks, assuming you fit criteria, then you should be fine. But none of us know if you fit criteria - your broker should.