Got Mortgage in Principle - How likely is Actual Offer?

macgirl

jw2003 wrote: »

Make an appointment with the mortgage advisor in your local branch if you can, we're with Natwest too and the whole process was so quick and easy being in there with them. They had the valuation within a couple of days and we had our formal offer a couple of days after that

Thanks, I'll do that. They only need to verify our documents though, as I did the application over the phone.

I have to say I've always found them to be very good too and my IFA was happy to continue using them, so fingers crossed ours will go as smoothly as yours

xyellowx

think Natwest normally as for 3 years audited accounts
maybe im the confussed one please correct me if im wrong, i bank with halifax the mortgage advised me they do a AIP which involves no checks just done on affordability and what i tell them (not worth the paper its written on)
or a full application which took a hour full credit checks payslips (which garantees the mortgage subject to a valuation check)

p.s dont suggest any form of working from home with the business to Natwest will open a large can of worms
best of luck

chocsessential

I had an AIP done the other day and the Nationwide definitely did a credit check. In fact their wording says following a credit score and credit search my application has been approved in principle. The mortgage they offered me was minuscule but that's another story.

macgirl

They have asked OH for one years audited accounts and one year's projections, which we have and will take into the branch tomorrow.

A credit check was not done for the AIP - I checked - just the actual application. I'm hoping we're as lucky as jw2003 and this time next week we'll have an offer letter on the doormat :j

Henry_P_Chester

xyellowx wrote: »

my point is if you dont get the mortgage how are you buying the house you have agreed a price on?

my house is up for sale just accepted a offer guess what ?they couldnt get a mortgage, just annoys me that people put offers in for houses before they have a mortgage offer set in stone.

hope you get your mortgage sorry for the rant not your fault

There is no way you can make a full application before knowing what house you are buying and how much you paying, I don't think the vendors would be too happy having surveyors come round for people who haven't even made offers.

I don't think you quite understand the house buying process.

macgirl

Thought I'd update for anyone who might be going through the same process...

We submitted the forms and supporting docs on Saturday - by Special Delivery. On Tuesday I rang the Natwest, our file was with the Underwriters and they expected a decision by Friday. I couldn't wait that long, so rang this morning to be told there was a note on our file requesting more detailed accounts from my OH's business.

Originally, they had asked for an Accountant's Certificate, basically showing the topline, but now they want more detail. Luckily, my hubby has just received his accounts back, so has sent these off today. By making one phonecall I have probably saved us a few days, so I'm glad I've kept on top of them.

The Natwest won't instruct a surveyor until they are happy with the figures - thankfully they said mine are fine - phew!
So, fingers crossed. We are still aiming to complete by the End of August, so I hope this is still achievable.