mortgage in principle

gg1amw1

Hi i am a first time buyer. I have recently been visited by a mortgage advisor where i asked to borrow a certain amount with a 15% deposit. I looked at the possibility of applying for a £10000 grant from the council (for first time buyers) which would mean i'd have two charges on my mortgage - one from the bank and one from the council.

I received a text from my mortgage advisor saying she needs all my bank details and who i bank with and for how long.

Do any of you know if you need to give this for a mortgage in principle. I told her i wasn't prepared to do this but i'm worried that she was either going to charge me a fee, trying to lock me in or was i just being over cautisous?


Any help would be great!

Thanks

andrewr22

She probably needs it to credit check you?

TEDDYRUKSPIN

From the above! Seems like she is carrying out a credit check and not a credit enquiry.

They will need to do this in order to confirm if you are eligible for a specific mortgage.

Ask if they are doing a credit enquiry check (i.e. crudely meaning a quick scan without marking your profile).

Or a full credit check.

herbiesjp

Some lenders need it for the AIP others do not

Who is the lender?

gg1amw1

thanks guys - i'm not sure who the lender was - all i wanted was a mortgage in principle so to give my bank account details via 'text' seemed really dodgey. I dont know the different between credit check and credit enquiry??! - but thanks for letting me know that it might be needed as i was seriously thinking i was gonna get charged etc,

herbiesjp

Do you not think you should know who the AIP is with?

Surely the broker should have discussed the deal with you before getting the AIP - what if it is for a deal you do not like?

gg1amw1

well she didn't tell me anything infact - when i spoke to her the day after she's been looking at deals that were £30000 over what i wanted - this was my first attempt at getting mortgage advice - do you think it's dodgy?

Hopefully not all advisors are the same...? It's almost put me off buying!

herbiesjp

With you being a FTB, they should be treating you with more care than someone who has already been through the process

With that in mind, they should be explaining everything to you in detail

Now if I were you, I would look for a second opinion - under FSA guidelines of Treating Customers Fairly, this adviser if failing you, as you is not even following the basic principles

Just call her and say thanks but no thanks

Ask any friends or family for a recommendation