Mortgage application sent to underwriter, should I be worried?

Jazzking

Hi all, hope you can put my mind at rest....

Found out that Direct Line do a good deal on 5 year fixed and after going through the affordability questions over the phone the lady suggested we'd be able to borrow up to £115k (more than what we'd been offered anywhere else and still on decent rates)

We found the house we wanted, phoned up DL went through the figures again, they did a credit check and agreed in principle to a mortgage of £94,500, on a house worth £105,000.

Great, I thought and we put our offer in, got accepted on a final price of £103,500.

Got the forms from DL through the post, filled in the extra bits they hadn't filled in such as address of bank and works address etc and sent them back.

Today, I phoned up to make sure we were only going to borrow £93,150 instead of the £94,500 originally on the form and the guy said he'd make anote of that, our application was sent to the underwriters yesterday and we should have a decision in the early part of next week....

This got me a bit scared - are the underwriters 'bad' people, or are they just the people who make a decision (even though we'd already done the credit check and got an "agreement" in principle) or are they looking to decline us?

I always thought that underwriters were the people who in general decided that you couldn't get credit, will they decline our mortgage for whatever reason they can find, and on what basis will they make this decision?

I thought we were well on the way and everything was going smoothly....

Worried now
Alex

RubyBish

The underwriters will look at every mortgage application.
They assess the risk and viability of the loan.
Nothing out of the ordinary to worry about, although they are the ones who ultimately determine the outcome of your application.
Good luck.

Jazzking

Thanks RubyBish,
Glad to know I've not been singled out for something dodgy that I don't know about!
Still an air of uncertainty until I get the response back from them next week - fingers crossed

Alex

Thefunkygibbons

Should be all cool

I expect that the people on the phone did the right job anmd the underwriters are just rubber stamping the deal

Buying a house is stressful enough without borrowing new troubles