Joint loan agreed in principle from my bank...

magee737

Hi there folks,

Just a few questions really, me and my partner have applied for a loan through my bank, got accpeted in principal, got the paperwork and T&C both of us had to sign the documents and date them. I was however suprised they didnt ask for any additional documents (her bank statements etc..) i rang up today to see how long it would be as its been nealry a week and i was told its been sent to the underwriters. I know the loan is obviously not set in stone but do the signs look promising, any experiences would be appreciated.

Nice one all :T

Rafter

magee,

Suprised they didn't ask for any documents if your partner does not have an account at the same bank. They can sometimes do the necessary checks electronically though via credit agencies and the electoral roll.

The time it takes depends on the bank, backlog of work, whether it is a straightforward application etc. If you haven't heard anything after 7 working days though I would chase.

Your bank will probably chase anyway as they will want the commission on the sale.

Good luck

R.

PS - If you opted for payment protection, make sure you cancel it once your loan has been approved and advanced! You can buy much cheaper protection online if you really think you need it.

R.

fudgecat

Just a small point on the last post : when I had a loan from Northern Rock, and stupidly took out payment protection, I was told that I could not cancel this element of the loan without effecively starting the whole loan off again (at a higher interest rate as rates had by then moved on). I don`t know if this is standard policy for all loan institutions, but I thought I would sound a cautionary note so others could check before accepting loan protection that they might not be able to cancel later.
Eventually I got round the problem by paying off the loan with my Virgin Card - it was the only way to cancel the protection policy.

jonesMUFCforever

Who is first named on the paperwork? - be careful if there is PPI as normally first named only is usually covered.

jono_h1971

On the subject of underwriters, I recently applied online for a personal loan with my bank and got a letter on Thursday saying it had been accepted by their underwriting department.

Does this mean the loan is guranteed ??

Kavanne

fudgecat wrote: »

Just a small point on the last post : when I had a loan from Northern Rock, and stupidly took out payment protection, I was told that I could not cancel this element of the loan without effecively starting the whole loan off again (at a higher interest rate as rates had by then moved on). I don`t know if this is standard policy for all loan institutions, but I thought I would sound a cautionary note so others could check before accepting loan protection that they might not be able to cancel later.
Eventually I got round the problem by paying off the loan with my Virgin Card - it was the only way to cancel the protection policy.

I know the bank I work for does NOT operate this policy and PPI can be cancelled at any time without rengineering loan, so I imagine this depends on the provider if the OP would care to tell us!