Underwriters

clarey75

Hello

What do underwriters actually look for after Decision in Principal?

Thanks
Clare

roosterpotatoes

Underwriters will look at your income from payslips against your expenditure. They will scrutinise your bank statements, their job is to weigh up how risky you are in their decision to lend.

Who is your DIP with?

clarey75

Kent Reliance
So broker did a manual application so that has been looked at and everything is on there, plus they have credit checked us

I just wondered when she makes full application if they know everything already, what happens next?

[Deleted User]

Usually at DIP stage they are checking documents to see if the information declared matches what they see.

:- Does income used in the DIP match how that lender calculates it (different approaches to overtime etc)
:- Do bank statements have any credit not declared and not picked up on credit check. Not all information makes its way to credit reference companies. Also loans from family may not have been declared and wont be on crdit report
: - Overall conduct of bank statements and credit profile. Spending within means, gambling transactions
: - Things like year to date pay are checked, is the client doing lots of overtime just to get a mortgage but the ytd implies they havent done it the rest of the year?
: - pay changes each payslips. why? is it zero hours, whats the actual basic pay and whats overtime

Full application is generally them checking that the information they used to make the initial decision is valid and accurate

clarey75

Well that sounds okay
There is nothing undeclared
Have you dealt with Kent Reliance, broker says they are pretty thorough before they even offer DIP....so as long as nothing else comes up it should all be okay?

[Deleted User]

clarey75 wrote: »

Well that sounds okay
There is nothing undeclared
Have you dealt with Kent Reliance, broker says they are pretty thorough before they even offer DIP....so as long as nothing else comes up it should all be okay?

I have done a few times. In my experience the DIP's referred more often than not. Which is good as then they get ripped apart before even getting a DIP. Less to go wrong once application is in

clarey75

We have literally been through everything and accounted for everything

I guess there is no crystal ball, broker was saying if they agree the DIP after dissecting everything, then usually they do do offer....

It is all so stressful....in case you didn’t notice i am a first time buyer worrying about every single thing!!!!