Agreement in Principle

birmanza

If you have an agreement in principle , is that a definate yes for a mortgage or can you still be turned down somewhere further along the line?
thanks

Keith

birmanza wrote:

If you have an agreement in principle , is that a definate yes for a mortgage or can you still be turned down somewhere further along the line?
thanks

Yes it can be, there is still Credit Checks, verification of information provided to the lender and a successful Survey to be carried out

herbiesjp

Most lenders carry out the credit search at the time of the agreement in principle.

As long as no information changes from the agreement in principle to the full application there should be no reason why the application would be turned down, provided you can sprovide the supporting documentation needed i.e. payslips, ID etc

However any lender can decline any mortgage at any time if they want to do so - they are not obliged to lend you their money. The survey is normally the main reason for a declined mortgage or reduced mortgage offer.