Decision in Principle - further checks?

DannyboyMidlands

Why are you using a broker rather than dealing directly with the lender?

kingstreet

You can't pay the valuation fee if you get declined.

The Halifax system has a submit facility, so you complete the full application by building on the AIP data then submit when it's complete. If it declines then, there's no facility to add the card details to take the valuation fee. That only happens if an accept comes back on submission.

You're right about the pass grades. They are A, B and C. A passes can borrow more and have reduced status requirements (ie no payslips etc). A B pass normally has the same borrowing power, but you'll be asked for documentation. A C pass has lower borrowing power and you'll need all the documentation too.

Status requirements are changing today as well;-

It has made some key changes to the documents brokers are required to submit, which include the following:

Where the client is employed with basic income only - it will need to see their latest payslip.
Where the client is employed with bonus/overtime - it will need three payslips dated in the past three months.
Where the client is receiving state pension or child benefit - it will need one bank statement dated in the past month.
Where the client receives an annual bonus - it will need to see the payslip where their bonus was paid, or their P60.
Where the client is self employed - it will need the latest three years’ SA302s.