What Is A Mortgage Underwriter?

When your mortgage application is with the mortgage underwriter then you know the process is underway. When we work with a client to find the best mortgage for them it involves a number of stages and the mortgage underwriter is one of these stages. 

Firstly, we would meet with you and perform an analysis of your income and outgoings to evaluate the potential mortgage loan we could look for. A credit check is also carried out with you before we share the list of potential mortgage lenders relevant to you. The final decision on the mortgage application will often be by the underwriter. 

Mortgage underwriting is when the lenders undertake an in-depth analysis regarding the risk of lending money to you. The underwriter will look at your mortgage application, calculate a risk assessment and match it against your profile. This is usually the stage when they come back to us highlighting any inconsistencies in your application. They usually ask questions or ask for more documentation. At the end of the day, the underwriter will either approve the mortgage, suggest amendments or reject it

When your mortgage application is being reviewed by the underwriter, they will evaluate the risk of the loan by measuring it against your credit history. They will make sure you meet the requirements for that loan, for example, being a first-time buyer. They will then check all your documents, ensuring that we have properly submitted this on your behalf. 

The main concern for the underwriter is whether you are financially able to pay back the money without difficulty.

Usually, the mortgage underwriting process only takes a few working days and all applications are almost complete within a week. This stage can take longer if further information is requested or limited staff are working (such as during the lockdown). 

As a mortgage broker, we work with a range of lenders across the UK and can find the best mortgage deal for your circumstances. Please get in touch and we can start the mortgage application process on your behalf.

Please note: Your home may be repossessed if you do not keep up repayment on your mortgage.

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