underwriters time seems ages HELP!!!

kijoe07

I am quite new to this board & have only posted once before - i could really do with some advice - i am in the process of selling my house & buying another - i said i would never do this again after last time & if i did i wouldnt get soo stressed!!! not kept to my word - anyway we have applied for a mortgage with abbey through a broker for the house we want & i am getting quite stressed because the mortgage application s been with the underwriters 5 days (possibly bit more)& had no decision yet (weve had one in principle) but because our income isnt brilliant & we do have other debts (eg credit cards etc) i am now starting to panic & if anyone can help i would be grateful to know if we would have been refused by now & that if its a good sign that they taking a while?

sarkin

5 days is nothing, most lenders have a maximum turn around time of 15 days. I have a case with RBS that has been stuck in underwriting for 2 weeks now. If you have a DIP and borrowing less than 85% ltv you should be OK with Abbey. Lenders dont care how much debt you have the more the better. What they dont like is you not paying it back.

charley1965

Has the survey on the house you're buying been done yet? If so, just ring the Abbey up and ask them, that's what I did. If it hasn't been done yet, then obviously you won't have the mortgage offer yet. Find out from the agent when it's being done and ring the Abbey a few days later. We were in exactly the same boat, Abbey through a broker.

jill2002

The system through a broker does take longer with Abbey - Do the application in a branch and, if the decision isn't available instantly (majority of cases), then a decision is usually given within 24 hours.

kijoe07

Thanks for advice i am really chuffed people taking time out to reply- This is what i am assuming so far - firstly decision in principle was done - i have been made aware that an mortgage offer cant be made until surveyor as been out of which he hasnt as yet -but my main worry is the part before surveyor goes out mortgage approval? coz iv been told that abbey do full underwriting before they send out the surveyor & then its quite quick? so if anyone can tell me if abbey or any lender would be quicker to decline a mortgage application then to approve one? if so that would give me peace of mind - also its a 95percent mortage & also jsut wondered charley 1965 did it all turn out okay in the end?

charley1965

I'm not 100% sure regarding your the answers to your questions to be honest. But I would think that if you already have the agreement in principle then they are just checking the facts you've provided on the application. What did the broker say, was he confident it would be accepted?

Yes, everything turned out OK for us thanks. We had a MIP on day one, the survey was done around 2 weeks later and we had the mortgage offer within a week. That purchase eventually fell through and the next mortgage offer was slower, taking around 2 weeks to arrive after the survey. But, as I said earlier I rang the Abbey around 3 days after the survey and they said all was OK and the paperwork was just taking its time.

I certainly don't think you need to worry yet, but I know it's so stressful and unfortunately I can't advise on the timescales on acceptance/refusal, which is what you really want!

This thread may be helpful
http://forums.moneysavingexpert.com/showthread.html?p=5522392#post5522392

jill2002

The final decision is made - not just in principle but 'subject to survey', before the Valuation/Survey is carried out. The valuer will do the report on the day of inspection and it will be sent to the mortgage centre overnight and the following day the offer will be issued, providing there are no problems with the survey.

kijoe07,
As you are borrowing a high Loan to Value - Abbey is now quite strict with the lending criteria, so if you can raise the other 5% and just borrow 90% LTV you will find it alot easier - and will probably get an instant decision (in branch).

kijoe07

thanks for advice charley1965 - ive still not heard anything - as far as i know it still with the underwriters which is what i was told from broker before the weekend (& it as been a anxious weekend) glad it turned out for you in the end - fingers crossed for me

& jill2002 i would be so happy if it was at the survey stage - i am aware that the wait will still continue then (eg if house is ok etc) but at the moment its just waiting to see if we get accepted before the surveyors instructed - i kind of feel in between & thanks for advice but we couldnt do a 90% ltv - its 95%

once again thanks for advice hope it works out xx

pink_muppet

we had a DIP with Abbey and then at underwriting it was declined (still don't know why!) but that came back within a couple of days of the first DIP so as yours seems to be taking so long, I would think it's going to be good news!

kijoe07

hi everyone - just thought i would give an update on my mortage applicaiton out of interest maybe? well so far yesterday - the abbey have agreed to the mortgage subject to survey but unfortunately want proof we can pay our outstanding debts off which we cant!!!so of course i was very upset yesterday & today - the broker isnt available till monday so we now need to discuss the next step (plan b) if that exists

thanks for all advice & i hope its a positive outcome but quite frankly cant see it - boo hoo!!!xx

dwsjarcmcd

sarkin wrote: »

5 days is nothing, most lenders have a maximum turn around time of 15 days. I have a case with RBS that has been stuck in underwriting for 2 weeks now. If you have a DIP and borrowing less than 85% ltv you should be OK with Abbey. Lenders dont care how much debt you have the more the better. What they dont like is you not paying it back.

No wonder your case is with the underwriters with posts like this. 'Lenders dont care how much debt you have the more the better' Where have you been for the last 6 months? Mars?

The outcome to the OP demonstrates how much tosh this really is!