Worried.... Agreement in principle

LilacPixie

We have an AiP from halifax granted on Tuesday, on the strenght of that we offered and had accpeted our offer so yay then on Wednesday we submitted a full application and took the broker payslips, bank statements etc basically the information that was asked for at AIP stage. We came back as an A whatever that means on halifax's system.

Now we are waiting.

I am Mrs Paranoia and worry we will be declined, OH has debt quite considerable (IMO) debt, no missed payments but that was all declared at AIP stage and we were still granted one.

I really love the house we have offered on and move date is before christmas so I really need to get into packing and moving mode but a bit scared to get into the mindset of moving to that house incase something happens

I usnderstand none of you are mind readers but is it common for an AiP not to end in a mortgage offer if everything exactly the same as AIP stage.

I earn 24k basic oh 23,500, he has 18k debt. Borrowing 110k with 10% deposit from sale of my property. We have 2 kids :eek:

Monthly we take home 3k her has commitments of £722 and we have asked for a 35 year term for affordability until OH is debt free in mid 2012.

Broker just keeps saying lenders are unpredictable and lets see what the underwriters say but I am scared.

Anyone have words of wisdom?

firstaspect

The broker is right really, at the moment it is quite unpredictable what the lenders will say. They aren't generally keen on any debt in these times but then they were happy to do an AIP so it may be ok. You'll just have to wait unfortunately, it shouldn't take too long to find out. From application to offer our mortgage took about 8 days.

herbiesjp

Any lender can withdraw at any time.

The AIP will have picked up your outstanding credit, along with you declaring it, and your children (all affect maximum mortgage potential) and you have got an A pass - which means you have got a high score with Halifax.

Your broker should have input your details on the affordability calculator to get an idea of what would be lended - you might want to ask for a copy just to reassure you that figures entered would give the requires amount.

As long as you can provide proof of all information declared you should not have any problem on that front - it will all be down to crossing fingers on the valuation

LilacPixie

herbiesjp wrote: »

Any lender can withdraw at any time.

The AIP will have picked up your outstanding credit, along with you declaring it, and your children (all affect maximum mortgage potential) and you have got an A pass - which means you have got a high score with Halifax.

Your broker should have input your details on the affordability calculator to get an idea of what would be lended - you might want to ask for a copy just to reassure you that figures entered would give the requires amount.

As long as you can provide proof of all information declared you should not have any problem on that front - it will all be down to crossing fingers on the valuation

Thanks herbies, he did the affordability thing before the AIP it it was coming out at 178916 or something equally random and not rounded. In scotland so valuation with the home report already but thats being refreshed at sellers expense we also offered a fair bit under the home report valuation and secured it so I have no worries around valuation more OH and his dumb debt :rotfl:Just need to sit it out I guess and see what happens

LilacPixie

Just a quick update. Mortgage formal offer issued today, Valuation etc was all fine so :):). In all honesty though very very scary experience even knowing it was quite straightforward.