Is this normal?

FTB19

Hi guys

The new build property we are buying got valued 21/02 (Thursday)
I spoke to my mortgage advisor today and he said it is with the underwriters now and should hear shortly. Is it normal for it to be with the underwriters? I’m a bit worried now.

AnotherJoe

Yes it's perfectly normal ! . They decide if you get a mortage !

FTB19

Thank you! I always think of underwriters being involved if there’s something wrong. I assume they do a credit and affordability check before the valuation and the underwriters just check all in order?

AnotherJoe

FTB19 wrote: »

Thank you! I always think of underwriters being involved if there’s something wrong. I assume they do a credit and affordability check before the valuation and the underwriters just check all in order?

Pretty much thats it, if it gets through automated checks, it then goes to an actual person for final adjudication, so you are looking good so far <consider this a fingers crossed emoticon >

joe4560

I believe underwriters are the people that actually take the 'risk' on your mortgage. I.E. if you don't pay it's them that gets stung.

Thrugelmir

joe4560 wrote: »

I believe underwriters are the people that actually take the 'risk' on your mortgage. I.E. if you don't pay it's them that gets stung.

Somebody at the lender has to be empowered to make the decision as to whether to make an offer or not.