Really Quick Mortgage Question

jbsurrey

Hello All,

FTB here - found this site very useful in terms of finding information, raising blood pressure and obsessing over essentially a large loan for a property I am yet to own.

Anyway - quick question from me. I have made a Full Application with the Post Office for their 4.29% 2 Year Fixed Rate Mortgage online.

After completing the AIP, and filling out the complete application it advised that it would be considered by an underwriter who would be in touch the next working day.

Today I log back on to see that the full application has been approved and I am to pay £520 in Survey/Valuation fees. I of course do so, however would now like to know: what is left to do. Have I been given the mortgage subject to, or is this unconditional.

If anyone has experience of the Post Office or this process, it would be great to know.

Thanks,
Jason

PS - hopefully once I go through this, I can help some others!

becca0417

Hi
We paid the fee and were then turned down (we had a default we were unaware of) but I believe it would then be survey and then final mortgage offer.
Hope this helps
Becky

jbsurrey

Thanks for this.

Just spoken to the Post Office.

It has been approved, subject to:

- P60
- Passport
- Proof of Address (utility bill etc)

They spoke with the underwriter and said all in hand so it would seem strange to then revoke the approval at this stage... Would seem backwards almost.

Thanks,
Jason

becca0417

They did it to us! As did Halifax. Halifax even carried out the survey! But I am sure all will be well with you. If the underwriter says all is fine,then it must be.
Good luck

jbsurrey

Hello Becca,

Really sorry to hear that - that just seems poor practice.

We received an AIP which I understand does a credit check. It was then passed to an underwriter to confirm whether we could be lent the money (more checks) and then they authorised the survey.

If we were to be rejected, I would question their business process model - it seems very peculiar to say the least.

Crossed fingers - will let you know what happens.

Jason