New to this mortgage malarky!!

davenkelly

Hi,

I was looking for some advice please?

basically, me and my OH have very recently applied for a morgage with RBS (on friday may i add!)

the mortgage advisor said it was agreed in principle and we paid our mortgage advisor fees and left feeling positive i suppose.

it is a mortgage of £108,000 with a deposit of £12,000 joint income is about £36k a year

anyway, having looked at my credit report today, i have noticed that there are 2 credit checks already, 1 from RBS retail, and 1 from RBS GMC mortgage,

i have a couple of questions if thats ok,

1) are all these credit checks normal??
2) do you think it looks positive they will give us a mortgage??
and 3) how long does the process take, and what happens next!!!

sorry for being REALLY thick on this, but im new to all this and....well i suppose a tad confused by it!!!

thanks in advance

sgh1976

Back in July I had a mortgage application with RBS. Credit File had 2 searches from RBS. A hard search and a soft search (the hard search is the one that counts, I think)

It took RBS 3 weeks to say NO
The it took the Halifax 3 days to say YES.

matttr6

Don't know about the credit checks but as for the multiplies, me and gf are just completing wit a mortgage of 134k. Thats putting 10% depsoit down with our joint income being 36k. So I'd say you should be fine with regards to multiples. (ours is with Natwest)

As for timescales, a long time. We're currently at 7 weeks since initiall offer was accepted, looking to complete next week. Apparantly this is quick!!!

davenkelly

thank you for your replies

i'm hoping ours will be ok then....fingers crossed eh!!!

thanks again
:-)