What exactly do underwriters look for in assessing mortgage?

F

fun

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Hi

We are applying for mortgage at mo. .and according to our bank source have a pretty good chance of getting approved.


My question is what exactly do the under writers look at.. are all our details put into a computer program or is it assessed on a case by case basis.

We've given details of savings, all bank acs, pay slips, and hold a current mortgage with same lender. All repayments are spot on, and we've overpaid for about a year. Also the current house is on a tracker and the new mortgage will probably be 4.x% 7 year fixed.

One of us is self employed and has to provide our tax assessment details..which is not a problem. But they need 2014 details which will have to be summited to the ROS system on 1 Jan ..then revenue will assess it and then it will be submitted to the bank.

It's with ulster bank. I'd appreciate any devil advocate advice here or and possible curveballS the bank might throw at us...thanks
 
Computer decides mainly, has to fit the boxes regarding the criteria etc. Very seldom exceptions are made these days.
 
Thanks :)
what are the Def 'computer says no' things?
I'm guessing not enough salary for loan required, no savings, bad credit history? Any more?
 
Net disposable income insufficient after loan repayments so income really and as you say credit history, employment record and savings mainly. If the sums add up then that's a good start.

Spotless credit record obviously and ditto current account statements.
 
I don't think "savings" are that important. A recent savings history, however, is paramount.
 
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