Mortgage Exemption

Hi, Hoping for peace of mind. We have recently found our dream home, but we need an exemption in order to secure it. Our Mortgage Advisor has applied for exemption and has advised us that it has been approved by the bank and has gone to the underwriter for their approval. Wondering what the chances are of the underwriter refusing the exemption? And if the bank has approved it does it mean that we stand a good chance for underwriter to approve it / is the underwriter just a formality? So anxious waiting for this decision as it has been a very very long road to get to this point. Thanks in advance.

Beside knowing that you have identified the house, you have provided no other details for posters to give you any indication on whether you will qualify for an exception.

KMK2019 said:

Our Mortgage Advisor has applied for exemption and has advised us that it has been approved by the bank and has gone to the underwriter for their approval.

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This doesn't make sense. The underwriter works for the bank. So your Mortgage Advisor can't tell you that the bank has approved it but the underwriter hasn't approved it yet. If the underwriter hasn't approved it yet, then the bank hasn't approved it yet.

Exceptions are treated by each bank on a case by case basis. So Steven's reply above explains why nobody here can give you any indication about whether or not yours is likely to be accepted.

Wow. Thanks for the replies. What a friendly place this is!

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While you do need to provide more details for any of the more knowledgeable members here give any kind of non guesswork answer, I believe that what has happened so far is your mortgage broker has put your details into the banks own calculation sheet which they tend to have access to. This has shown all green flags which means you aren’t rejected out of hand for an exemption but until it goes through the underwriting process where they look at your exact case and all your bank statements, the industry you work in any health issues etc you aren’t guaranteed anything. You could get the exemption you require for that property or you may be offered a smaller exemption or perhaps just the 3.5 times it really depends on a million little details that you would need to shed some light on.