Mortgage Underwriting Explained UK What does an underwriter do with your mortgage application?

[@Progressfs]

What areas are of the biggest concern to you when it comes to underwriting?

[@daya41763]

Great information. I like the fact when you zoom in your face on Critical headline 🤣😂 #funnybro

[@fatmakakacoglu]

Hi, We have applied a mortgage on the 8th of september for a new built house. Barclays sent someone for the valuation on the 15th of September. We still havent had any update from Barclays. Is this normal? Do I need to worry about? Thank you

[@MrUsher1987]

After full application and approved is another credit check done at any point especially if the property is in development

[@Gjacks84]

I changed my name 16 years ago but it’s not on my credit file due to not having any credit for years. What happens when I give my previous name on an application?

[@alexmurphy5888]

Hi Michael, had our property devalued but agreed a lower price with buyer which was fine. Assumed it was a quick process after this for buyer to get mortgage offer. Not the case. Change in LTV has been the reason why underwriter is doing “further checks”. We’ve now been waiting 8 weeks and we’ve been told to wait another week till next week, (taking longer than the 2-6 week process length that’s often quoted). Any idea why it’s taking so long for our buyer’s offer to come through? Our mortgage application for our purchase took 3 weeks. Are lenders likely to do more checks after the offer, given the economic situation that’s currently unfolding?

[@LegaliseTweed]

Hi Michael, thanks so much for the advice have watched this video a few times now. Would an unpaid ULEZ charge which was settled with the collection company before any further action was taken void a mortgage? I received a letter to say I hadn’t payed a ULEZ fine but received no letters prior to this about the fine. Immediately payed the letter form the collection to avoid any further issues but it’s stressful thinking that it may jeopardise my mortgage application. Thanks in advance for any help

[@Progressfs]

It all depends if it shows on credit report or not

[@jilzo100]

Could a lender decide they want to offer you less at the full application than what they did at the mortgage in principle when it comes to affordability or will they just decline you?

[@Progressfs]

Yes, but this only really happens if the DIP is not done correctly and accurately

[@filmfreek35]

This is great but I would like to say that my Check My File entries are out of date. For me not very reliable source of credit info

[@Progressfs]

It updates once a month like they all do. There is no more accurate report out there

[@filmfreek35]

@@Progressfs thank you. Your content is very insightful

[@hasanshikhkilo1137]

Hi Any advice on how and where to compare different bank interest rates before making a decision to go with the bank you desire for full credit check? TIA

[@Progressfs]

I’d say get a broker to do it for you as they will know best bank for you and your situation, but if just comparing mortgage deals, compare total cost over the product term taking into account all fees as well as monthly cost

[@nathangibbons4721]

What are the lifetime ISA providers like at releasing the funds and bonus when it comes to paying deposit? I read Moneybox can be a bit slow and some deals fall through due to it taking to long. Great video again very informative.

[@Progressfs]

I don’t really know to be honest, not heard any negative things about any of them, it’s the solicitors that deal with it so I don’t get involved in that side of things

[@heartman3380]

Hi Michael, Your vids are great, so thanks! What i wanted to know was, how do underwriters look into your deposit? I ask because i am part self-employed and have saved a good deposit but along the way. I guess like a lot of people i have maybe claimed more profit as expenses to keep tax low, so my savings may look higher in the account if this makes sense, would this affect anything? It's concerning me a little. I'd love your answer

[@Progressfs]

That won’t be an issue at all

[@heartman3380]

@@Progressfs Thanks so much for your reply. II am glad to hear that. So they won't seem profit on tax return and compare it to large sum sitting in the account?

[@kayleighwhiteley6570]

We put our application in through a broker on the 7th July. Our valuation hasn't been booked in till 28th! Can I ask, will anything get done in terms of the underwriting in between then or will it all get done after valuation?

[@Progressfs]

It should be getting done now so that you get to the point of offer subject to valuation

[@kayleighwhiteley6570]

@@Progressfs can I also ask what is the difference between pre underwriting and underwriting? The bank I have gone with states they dk pre underwriting then underwriting. I'm unsure as to what that what include.

[@kayleighwhiteley6570]

*would

[@nabazhamad5988]

❤

[@Cyan_Ryda]

Is the property valuation done towards the end?

[@callumtyler686]

For me valuation was done very early. Done my dip then went in for full application valuation was booked in and carried out. It's been almost a week and I've not had my offer just yet

[@Cyan_Ryda]

@@callumtyler686 I’m the same bad my DIP about 4 weeks ago, my lender instructed the surveyors 1 week ago

[@callumtyler686]

@@Cyan_Ryda we had absolutely everything ready to go in terms of documentation etc. We done a dip on Wednesday put in full application on Thursday, the valuation was booked for the Tuesday and we've heard nothing since lol. My broker doesn't work on Mondays so will be catching up with her tomorrow for update.

[@callumtyler686]

Little update from me. Been 17 days since the valuation survey and still no offer through the post. This is with NatWest

[@Progressfs]

Very slow certain lenders currently

[@suprotimdas5123]

Most importantly send all the required documents at once to reduce the delay, when moving to offer. Underwriters are also tied up with bank policies, we know you may be right. But to support the application kindly send all the documents at once.

[@49Macman]

I thought age didn't matter. Thanks.