Who actually approves or declines mortgage applications. Is it an automated process or is there someone who has the final say. Would for instance a person approve advances of over 100,000 but it's an automated process for under this amount.
Mortgage Applications
Nov 26, 2004
2 Replies
Who actually approves or declines mortgage applications. Is it an automated process or is there someone who has the final say. Would for instance a person approve advances of over 100,000 but it's an automated process for under this amount.
Each bank will be different.
Mortgages are rarely sanctioned on an automated system - though many lenders use automated processes at some point in the process.
At some point a sanctioner will consider the lend - depending upon experience and training different sanctioners will have different lending limits; therefore, a 65,000 lend might be considered by a more junior sanctioner than a 530,000 lend!
That said, most bank staff have the authority to decline w/o reference to a sanctioning unit if the deal is evidently silly. Ie I earn 20,000, have
10,000 unsecured debt and wish to borrow 250,000.....not likely to even get past the first hurdle anywhere!MC
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