Panicking about what after the mortgage underwriting process went wrong? Our team of expert advisors are here to help you find your way, even if you've already been declined for a mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
Finding the Best Mortgage Agreement after Mortgage Underwriting Failure.
The mortgage underwriting process can seem scary. If these fears get realised by a mortgage refusal, it can be difficult to know what to do next. Our mortgage brokers specialise in helping those who have previously failed the mortgage application process to pick up the pieces and get their mortgage application back on track. Every mortgage lender is different, and it is likely there will be one out there better suited to your situation. We'll analyse the deals available with multiple lenders and find you the right fit. With our help, you can dust yourself off following an underwriting stage refusal, improve your mortgage application moving forwards, and reapply with the best chances of success.
Why have I been declined for a mortgage during underwriting?
Many different factors can prompt a mortgage refusal by a mortgage underwriter, including failing the mortgage repayments affordability checks, suspected fraud and money laundering, bad credit history, mistakes on your mortgage applications, a change in financial situation, and many other things. Essentially, the reason underwriters decline mortgage applications cannot be determined without careful examination of your mortgage application.
Essentially, a mortgage underwriter is responsible for checking through your documentation in line with lending criteria, requesting further evidence if required, ensuring proper credit reporting, and verifying that you can repay the money borrowed. If you’re not sure why you’ve been declined during the underwriting stage, our friendly advisors can help. From assessing your documentation to determining the reason ourselves to liaising with lenders directly, we’ll help you identify areas to improve and set yourself up for future success.
What is a mortgage underwriter?
A mortgage underwriter works for the mortgage lender to review your application against lending policies and criteria. Their main job is to perform an in-depth review of the documentation in your mortgage application form and verify that you can repay the money borrowed. They will also complete a final check of the property valuation report to make sure the property meets guidelines too.
They are ultimately responsible for the decision and mortgage offer you receive. They are not the same as mortgage processors who are responsible for requesting documentation and communicating with you on the underwriter’s behalf.
Maximise your chance of approval with specialist advice from an expert in Mortgage Declined at Underwriting
What happens during mortgage underwriting?
Your mortgage application will be reviewed by someone at the mortgage lender’s company. It will start with a pre-soft credit check, and will then move on to a more in-depth look at your financial situation. They will process your application by looking at your attitude to credit via credit history, your current credit score, financial history (such as outstanding debts), lifestyle, employment status or self-employment history, and previous repayments.
They will enquire with credit report referencing agencies, analyse financial documentation, and may even request references from your employer. Since it is such an in-depth review, being upfront and honest about your financial history prior to underwriting is key to avoiding disappointment. If you have concerns about your application, talk to a member of our friendly team and we’ll discuss the best way forward for you.
How long does mortgage underwriting take?
lenders within 24 hours. Typically, though, the process takes a little longer. Depending on the information requested and the time it takes for you to supply it, the turnaround time can increase. The average time it takes for underwriters to review documents is normally within a few days, though this can increase in busier periods. Speaking with an experienced mortgage advisor before beginning the process can help you make sure you send accurate documents in a timely manner, reducing any major delays.
Mortgage Declined by Underwriter - FAQs.
Mortgage Declined at Underwriting Calculator
Mortgage declined during underwriting? Get specialist advice.
Being declined by an underwriter doesn't mean you can't get a mortgage – it just means that specific lending and underwriting teams are not going to make you an offer right now. When the Bank Says No is a team of expert mortgage advisors specialising in clients who have been previously refused. With access to specialist deals and an intricate understanding of the mortgage process, our independent advisors will help you overcome your previous disappointment and move towards future success. From helping you identify ways to improve your financial suitability to scouring the market for the better fit, we'll be here to guide you every step of the way. Let's turn that no into a yes!
Helping you bounce back.
Facing mortgage refusal during underwriting can be infuriating and disappointing – especially if you thought you were on your way to mortgage success. Knowing what to do next can be challenging, but you don't have to worry unnecessarily. Our experienced mortgage advisors have helped plenty of clients get their applications back on track following a declined mortgage. A no isn't the end of the world in our book, and we won't give up until we've found you a more suitable deal. When the mortgage process has you feeling fearful, we're here to show you the way forward.
