Underwriter taking an age, help pls

ritz55

Back in May I had a mortgage offer fully approved for the purchase of a house, however the vendor pulled out of the sale and this mortgage offer expired.


I then had a seller accept my offer on a property in early August and applied to the same lender for the same amount, however the property is worth a little more than first time round. I used the same independent broker as assumed this would be the quickest route. The AIP was accepted straight away and broker put in a full application.


On submitting the full application the underwriter asked for lots of additional paperwork which wasn't required first time round. My broker submitted all the additional paperwork as requested but did feel some of the paperwork was over the top for the case.


Since then the underwriter doesn't seem to be doing anything and it's been over a week since my broker has had an update. The broker has chased a number of times to just be told that the underwriter will call but has had no calls from the underwriter.


I'm worried that if the survey is not done soon then the seller may pull out of the sale and start marketing the property again.


My broker has also said we can't apply for another mortgage until we have a definitive answer from this lender due to compliance reasons and you can't have 2 residential applications submitted at the same time.


I've had a fair few sleepless nights as have been looking for a suitable house for a long while now and really do not want to loose this house due to the underwriter.


Any suggestions on what I can do?

jaelato1

I know how you feel but by the sound of it, there isn't much your broker or yourself can do but to wait for the underwriter to get back. They might be experiencing backlog or other issues. By the who is lender?

LRmortgage

Who is the Lender?
Some have backlogs, others restart the clock and you go back to the bottom of the pile once a new request for docs has been requested.
It’s unlikely that the underwriter is still “thinking” about the case, it’s more likely they haven’t seen it yet as they’re working in order through their workload.

ritz55

The lender is secure trust bank. The broker thinks the underwriter may offer less than what’s been applied for and therefore delaying. Does this sound possible?

[Deleted User]

It's always possible that the offer will be less than you want.

But it wouldn't be a reason for them to deliberately delay things. You need to wait for them to review your application.

amnblog

A specialist Lender.

What is your complication?

ACG

The broker thinks the underwriter may offer less than what’s been applied for and therefore delaying. Does this sound possible?

No idea why a broker would say that.

An underwriter is not trying to spare your feelings so keeping hold of the paperwork. If they are going to decline/reduce the loan amount, they would just tell you.

Secure trust are quite a new and small lender. They tend to specialise in those who are self employed or with complex incomes. So it does not take a lot for them to become busy and for backlogs to occur.

There is not a lot anyone on here can do if your broker cant do anything, it is just a case of waiting.

You can have multiple applications going at one time, but it is not advised and can cause problems.

ritz55

amnblog wrote: »

A specialist Lender.

What is your complication?

I have a few BTL properties, so have complex income requirements however my credit history is in excellent shape.

ACG

ritz55 wrote: »

I have a few BTL properties, so have complex income requirements however my credit history is in excellent shape.

Do your SA302s evidence your income?

ritz55

ACG wrote: »

Do your SA302s evidence your income?

Yes, I have SA302 to evidence the income from the rental. The property I currently live in is becoming a Let to Buy so we're also adding on the income from this.


The underwriter also asked for an accountants breakdown summary which seems a little odd as this was not requested first time round but as I have an accountant he was able to send this over.


After that the underwriter questioned why the SA302 was the same as the summary which seems very odd as this is what would be expected.

ritz55

An update, the underwriter finally got back to us and is offering £100k less than what we originally was approved on. There reason being that the house I currently live in which will become a let to buy, he thinks will not get the rent of £1900 but only get £1550. We sent evidence to prove this rent was achievable and it very much is in our area as similar properties have gone for over £2000 before. At a lose on what to do next.