MORTGAGE APPLICATION
After a mortgage application is submitted, the lender assesses the applicant, proposed borrowing and property against its lending criteria before deciding whether to make a mortgage offer.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
What is mortgage underwriting?
Underwriting is the lender’s assessment of the mortgage application and associated risk. Different lenders have their own criteria, processes and evidence requirements.
What does a mortgage underwriter check?
This is illustrative rather than exhaustive. Lenders assess applications using their own requirements.
Income and employment
Evidence of income and the circumstances in which it is earned.
Affordability
Whether the proposed borrowing meets the lender’s affordability assessment.
Credit history
Information available through credit-reference and application data.
Existing commitments
Relevant loans, credit commitments and other financial obligations.
Deposit and loan-to-value
The proposed deposit, borrowing and resulting loan-to-value.
The property
Whether the property is acceptable security for the proposed mortgage.
What happens during mortgage underwriting?
The exact process can vary between lenders, but the assessment commonly involves the following stages.
01 — Application and documents reviewed
The lender considers the information and evidence provided.
02 — Affordability and criteria assessed
The proposed mortgage is considered against the lender’s requirements.
03 — Property considered
The lender may arrange a valuation or undertake other property assessment appropriate to its process.
04 — A lending decision is made
The lender may proceed towards an offer, request further information or reach another decision depending on the application.
How long does mortgage underwriting take?
There is no universal timeframe. It can depend on the lender, application complexity, property, information required and workload.
Why might an underwriter ask for more information?
Lenders may need clarification or additional evidence before completing their assessment. This does not mean every applicant will be asked for every item.
Income or employment information
Bank statements or financial information
Details of existing commitments
Deposit or source-of-funds information
Property information
Clarification of information already supplied
Does underwriting happen before or after the valuation?
Lender processes vary. Different parts of the assessment may take place in different orders or overlap, so a valuation does not mean the rest of the application has been approved.
Can a mortgage be declined during underwriting?
An application can be declined if it does not meet the lender’s requirements, but a decline from one lender does not establish that every lender would reach the same decision.
What happens when underwriting is complete?
Where the lender is satisfied with the application and its requirements have been met, it may issue a mortgage offer. The offer itself may contain conditions and should be read carefully.
Can a mortgage adviser help during underwriting?
An adviser can help manage the mortgage application, respond to lender requests within the scope of their service and discuss issues that arise with the lender. They do not control the underwriting decision.
Mortgage underwriting FAQs
What is mortgage underwriting?
What does a mortgage underwriter check?
How long does mortgage underwriting take?
Why has the underwriter asked for more documents?
Does a mortgage valuation mean I have passed underwriting?
Can a mortgage be declined during underwriting?
What happens after mortgage underwriting?
Can a mortgage adviser speak to the lender during underwriting?
MORTGAGE APPLICATION
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