Underwriters

you123l

It's been a long process so far with our mortgage application. I'm full-time employed, husband is self-employed with neither of us being affected by covid thankfully. We submitted our application with Halifax on the 27th October and after lots of request, we were finally told our loan amount was agreed subject to valuation. Our valuation took place on the 15th December and the report sent the same day to Halifax (we have to wait 5-7 days for the homebuyer report). Halifax has told us that our application is now back with the underwriters for final approval and I was wondering if this was normal? Thankfully they have said it is a 48 hour wait compared to the 8 working days it was previously with the underwriters. I guess I'm just becoming more anxious as yesterday Halifax informed us that the property was valued at the right price and the funds were available, but today they said our application was with the underwriter again. Any advice would be appreciated.

endangered_newt

Yes very normal and happened to us. If the valuation has come back without any issues it should simply be the underwriters need to rubber stamp it. Good luck!

you123l

Thank you. It seems to have been such a long process and just when I thought we were at the end, they came back with this. Hoping the valuation went well and keeping everything crossed for a speedy response from the underwriters.

917700

What is your LTV? How long has your husband been self employed?

you123l

We have 15% deposit and he's been self employed for 15 years so we have plenty of accounts.

917700

Is your husband company director? Or sole trader? 

I heard all high LTV application will go into underwriter 

you123l

He's a sole trader. Our application has been to the underwriter. They then said the loan amount was agreed pending valuation, the valuation was done on the 15th and the report sent the same day. They then came back to us saying the loan was available but then told it was going back to the underwriters for final approval. Guess I'm just anxious because it feels like they are back tracking a little.

Carl2510

It will be the senior underwriter probably overseeing then underwriting that has already happened to make sure everything has been done correctly. 

you123l

They did say that this time it would be a lot quicker.....48 hours for a response compared to 8 working days when it was with the underwriters previously.

gloriaflorence26

A mortgage underwriter can assess your loan application manually or run it through a software program, known as automated underwriting, to determine whether to approve you for a loan.
Max BPO  provides mortgage underwriting services at affordable services 

you123l

Just had my mortgage advisor on the phone, and the offer has been issued. Over the blinking moon.

Thank you all for your help.