Mortgage application has gone to chief underwriter, should I be worried?

davidjames_96 · 14 August 2018 at 1:09PM

Hi

I am a first time buyer applying for a mortgage with one of the big banks, along with my partner, through a mortgage broker.

Our mortgage broker did some initial checks such as credit checks and affordability and everything came back fine. Due to our circumstance being that my partner is a Newly Qualified Teacher (meaning she only starts her first job next month, has no previous employment, and is on a 1 year fixed term contract) we were recommended a certain product by our broker. I currently work full time and have done for the past 4 years.

Before applying, our broker checked with the bank that our circumstances were okay, and they said yes they are, submit the application.

Today, we have been told that credit and affordability is all okay however the case has gone from the normal underwriters to the chief underwriter due to the contract as he needs to assess the risk and make the final decision. Should we be worried? Our broker has now said its 50/50 as to whether they accept us on this basis.. even though on the phone they said its okay??

Any advice or past experience would be great!

Thanks

foxy-stoat · 14 August 2018 at 1:12PM

I would not worry until you have something to worry about.

Report back once you have an answer.

TadleyBaggie · 14 August 2018 at 1:18PM

Posting/moving this to the "Mortgage" sub-forum would help.

https://forums.moneysavingexpert.com/forumdisplay.php?f=15

davidjames_96 · 17 August 2018 at 9:17AM

Mortgage application was rejected

! Not happy with HSBC (or the broker for that fact) as they allowed us to apply, knowing the circumstances, before rejecting us at the final step. We are going to apply to one more lender before giving up for a year

.

T-G-C · 23 August 2018 at 7:59PM

davidjames_96 wrote: »

Mortgage application was rejected ! Not happy with HSBC (or the broker for that fact) as they allowed us to apply, knowing the circumstances, before rejecting us at the final step. We are going to apply to one more lender before giving up for a year .

I understand how much of a pain that must be, however a broker cannot determine beforehand whether a particular matching lender will approve or decline you.

The decision is unknown and unpredictable until it has been assessed and sent back with the outcome. The broker recommended you to apply and the lender allowed you to apply, however there was never any guarantee or promise that you would be accepted for the product.

You will need to remember not to set your heart on a particular recommendation in future until it is approved, then be excited and pleased about it when the funds come through.

As for a chief underwriter, aside from the fact that they are probably the most harshest of the whole department and the best at the role (hence being chief) I doubt it has much influence on the outcome either way, aside from the chief looking even further into the data to make an accurate and informed decision about your application.

Mortgage application has gone to chief underwriter, should I be worried?

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