Mortgage Underwriters

[MocMocaMoc]

I've just had a mortgage signed off by my bank - I've a 'good' credit score (according to Experian), earn a good (for the North - you Southern lot might sniff at it ; ) wage and have done for the last 8 years.

The application's just been kicked off to the underwriters.

What's the likelihood of it getting knocked back by these guys? The bank lady thought my account history was excellent, and credit score was an easy pass.

I missed a couple credit card payments last year (not due to lack of funds - just poor admin), and had one giant fight with my old insurance company, resulting in them kicking the outstanding balance off to a collection agency (paid off immediately) - the circumstances all explained and the bank lady and she agreed they were being dicks. Well, words to that effect.

Are these enough to bullet my application?

How frequently do bank managers OK mortgages only for the underwriters to decline?

Cheers,

[Sarnie]

MocMocaMoc said:

How frequently do bank managers OK mortgages only for the underwriters to decline?

Cheers,

All the time.

It's hard to work out from your post what you have actually done at the bank. Have you gone through an Agreement In Principle whereby they run a credit score and come back with a decision?

Or have you just discussed it with someone at the bank who has completed the AIP and said that it looks like it'll fit and now it's been sent off to the underwriter to get a decision?

Which bank is it? (if it's HSBC or Natwest then you may struggle with that adverse)
Whats the LTV? (If it's high then it makes it a high risk which combined with your adverse won't help)

[MocMocaMoc]

90% - Natwest.

Went through the whole app + credit score. I.e once the underwriters sign off, the bank side is done and it's up to me to buy the house.

[vescaegg]

Underwriters have all the power

The guys in the bank don't have the authority to say yes or no to anything despite them being able to do the credit checks etc.

My recent application spent 3 weeks with the underwriters (Santander) before it was approved - be patient. Mine passed no problem it just took absolutely ages!

[MocMocaMoc]

vescaegg said:

Underwriters have all the power

The guys in the bank don't have the authority to say yes or no to anything despite them being able to do the credit checks etc.

My recent application spent 3 weeks with the underwriters (Santander) before it was approved - be patient. Mine passed no problem it just took absolutely ages!

Gah, the bank lady said a couple days at the most but I figured it wouldn't be that straight forward.

[Sarnie]

MocMocaMoc said:

90% - Natwest.

Went through the whole app + credit score. I.e once the underwriters sign off, the bank side is done and it's up to me to buy the house.

Let us know how you get on

[vescaegg]

MocMocaMoc said:

vescaegg said:

Underwriters have all the power

The guys in the bank don't have the authority to say yes or no to anything despite them being able to do the credit checks etc.

My recent application spent 3 weeks with the underwriters (Santander) before it was approved - be patient. Mine passed no problem it just took absolutely ages!

Gah, the bank lady said a couple days at the most but I figured it wouldn't be that straight forward.

You may get lucky - my previous one got signed off by them in 24 hours

[MocMocaMoc]

All signed off and done by 1pm today.

Such a relief!

[Sarnie]

Well done, do you bank with Natwest?

[MocMocaMoc]

Sarnie said:

Well done, do you bank with Natwest?

Yeah. Not the cheapest mortgage out there, but cant fault the service.

[Sarnie]

MocMocaMoc said:

Yeah. Not the cheapest mortgage out there, but cant fault the service.

That makes sense then. Natwest are usually VERY strict about adverse credit history but as you bank with them they must have been lenient which is good.