Underwriters

S_ann1987

Hi, 
We are in the final stages of getting my house. The bank have ran their final credit check and as it has gone down 17 points i have been referred to an underwriter. The bank said i have gone to a category b not an a. I have no idea what this means or if i can do anything to save this mortgage 😔

kingstreet

Well, that's a new one.
In 35 years I've never had that used as a reason or excuse.
However, let's just assume 17 points is a pathetically small amount and your mortgage will be approved within a couple of days.

S_ann1987

Thanks,
I know i think the reason is i juggled debt around and moved the majority to another card as its got a better rate. Which lowered the rating... we are due to complete next friday and no one has said anything. It was only when i rang up.
I just have no idea what a and b catergory means by an underwriter and what that means statistically!

[Deleted User]

Is it Halifax?

Category B I think limits to 85% ltv.  Otherwise no difference 

S_ann1987

Ah okay, i only have 10% mortgage. So they might ask for more money?

Thrugelmir

S_ann1987 said:

I know i think the reason is i juggled debt around and moved the majority to another card as its got a better rate. 

Well if your draw attention yourself hardly surprising that your application has been referred. 

S_ann1987

I think comments like yours was the reason i stopped coming to this forum a few years ago! 
This mortgage was approved in september my house has been delayed and delayed. I was under the impression they would not do another credit check. I have never had a mortgage before so dont know how everything works. The debt is the same as it was orginally. Infact better than it was in september. But like i said i moved it from one account to another to get a better rate.... which obviously has not worked in my favour.
 im asking for advice not for criticism

[Deleted User]

Is it Halifax in the branch? Or Lloyd's otherwise as they use the same system (Lloyd's are basically the same lender but more expensive) 

If so then usually you've got:

A1 A2 A3 pass.  These are for 5% deposits
A pass - 10% deposit
B pass - 15% deposit
C pass - 35% deposit

Its been years since I worked direct with Halifax so something may have changed.

If you've been moving debt around credit cards then the system may see the new card with the debt but also might be picking up the old one as well.   If its just this that has knocked it down its likely they can appeal and get it back up.
If its just redone the scoring due to any changes then you might have to increase deposit.  If you still aren't at exchange then maybe worth a look at other lenders with a broker.  

S_ann1987

Deleted_User said:

Is it Halifax in the branch? Or Lloyd's otherwise as they use the same system (Lloyd's are basically the same lender but more expensive) 

If so then usually you've got:

A1 A2 A3 pass.  These are for 5% deposits
A pass - 10% deposit
B pass - 15% deposit
C pass - 35% deposit

Its been years since I worked direct with Halifax so something may have changed.

If you've been moving debt around credit cards then the system may see the new card with the debt but also might be picking up the old one as well.   If its just this that has knocked it down its likely they can appeal and get it back up.
If its just redone the scoring due to any changes then you might have to increase deposit.  If you still aren't at exchange then maybe worth a look at other lenders with a broker.  

So if i offered the extra 5% then i should be fine? My boyfriend who will be living with me who isnt on the mortgage can gift that to me.

[Deleted User]

If it comes to it I guess it's good to know you can have it available. Wait and see the outcome as they might be able to sort it still at 10%

Thrugelmir

S_ann1987 said:

I think comments like yours was the reason i stopped coming to this forum a few years ago! 

I'm merely pointing out the facts. Putting a flag on an account to be notified of any particular changes is very basic. When lenders are advancing thousands of pounds. They are not going to leave anything to chance. People try to pull all sorts of stunts. Lenders have seen it all. Their internal systems will be set accordingly.