Understanding Underwriting help please

Kaye1988

Evening,
My partner and I are in the process of applying for a mortgage with West Brom Building society. This is first for both of us so are lacking in knowledge with certain aspects of the process.
We have been asked to sign a form of consent by the underwriters allowing them to contact our bank directly...is this normal procedure?
When an underwriter is reviewing a bank statement is this just done visually or do they confirm all transactions with the bank and that’s why they want the permission?
Any help or advice would be really appreciated. Thank you

Wozza85

Done visually I believe

Thrugelmir

As a Building Society might well have more antiquated underwriting processes in certain situations. Nothing untoward.

Underwriters will review bank statements for unusual transactions , potential undeclared committments, expensive hobbies or pastimes etc.

Relax. The lender is following due process in assessing whether to lend you both £,000's to buy a property.

ACG

There will be a reason you are going to West Brom building society I assume. So they will be doing more checks than normal.

I have never come across what you have described however.

Lotak

It's standard procedure from banks when assessing eligibility. Many do bank statement checks.

It's more to do with confirming that your expenditure is what you say it is (or what their model suggests), and you're not hiding / understating certain recurring expenses.
For example, you may have life / medical insurance that you haven't stated. They'll need to include that.

I wouldn't worry too much about them asking for it, as it is common practice for many lenders.