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Bit confused about the mortgage application process
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confusionanddelay
Posts: 15 Forumite
We submitted a full application Friday 15th Feb and noticed a hard credit search had been done that day.
No news until I chased yesterday, and our broker asked us to return a direct debit form and signed declaration. They’ve advised the lender needs this prior to their ‘first assessment’ and our application is now in the underwriting queue.
I’m a bit confused ... why has a credit search been done if no one has looked at our application yet?
Anyone shed any light? It’s Leeds if that helps.
No news until I chased yesterday, and our broker asked us to return a direct debit form and signed declaration. They’ve advised the lender needs this prior to their ‘first assessment’ and our application is now in the underwriting queue.
I’m a bit confused ... why has a credit search been done if no one has looked at our application yet?
Anyone shed any light? It’s Leeds if that helps.
0
Comments
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Because a credit search is always the first step. Manual assessment follows.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Lenders check on your credit file will be an automated procedure. They'll obtain datasets from the CRA and run this through their internal algorithms. If you didn't meet their basic criteria they'll waste no further time. Lenders don't use the information that you view as individuals.0
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Ah I see.
So we’ve met their basic ‘computerised’ requirements, and now a human will go over our documents and check it all adds up. Is that right?0 -
That’s about it.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I've never used a broker and just wondering what the DD form is for?0
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Making the mortgage payments.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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