Is a mortgage in principle worth the paper it's written on?

Conrad

Littlemadam, I always say it's not really worth worrying about such things, what will be will be and no amount of worry and thought will alter that.
Lenders are in business of lending other peoples money to you and are duty bound to decline you at ANY TIME should something arise. The world simply doesn't worl in the way we might want it to in that lenders cannot uncover every stone first time and sometimes items arise during the course of the application.

Sometimes you will get a refund of fees if you can demonstrate the lender was at fault, but that's it, don't worry, and go with the flow.

techmob

we had a mortgage in principle and it has been going through final checks now for a mortgage offer and is now apparently in "mandate" whatever that means, i think it means they are creating the offer of mortgage?

but a mortgage in principle is not a sure thing to having a proper mortgage offer as we have had to provide allot of extra stuff to get to this stage where as the mortgage in principle was fairly straight forward

anyone know what a "mortgage mandate" means?

thanks

WhiteHorse

papermoney wrote: »

Is there a point to them?

No. They are utterly worthless. It's talks about talks, that's all.

BadgerFace_2

From what I gather, for some lenders, it's worth more than others. Some will soft search and ask for income, that's about it. Others will carry out full searches and also ask for detailed affordability figures before issuing them.

jw2003

Littlemadam83 wrote: »

Yes, I did see a post on here about Halifax checking someone's report every day!

This is who I am going through so thanks for the tip on no avid spending

Our solictior told us the same - she had a client who had a mortgage offer and their lender pulled it at the last minute due to increased spends

We had an AIP and were still not offered a mortgage even though credit checks were passed

rodsco

jw2003 wrote: »

Our solictior told us the same - she had a client who had a mortgage offer and their lender pulled it at the last minute due to increased spends

We had an AIP and were still not offered a mortgage even though credit checks were passed

I just had this happen to me and i'm still totally bemused by the whole thing. :mad:

Applied back in August for remortgage and got AIP right away.

Had various requests from mortgage company and their appointed solicitor over the first month or so and all information they requested was promply supplied.

Things went quiet for a while but I thought nothing of it as the completion date had been stated as 30th Nov.

Received letter from solictor on Friday asking for confirmation of existing mortgage account (moving mortgage companies) and 30 mins after I sent details by email I receive an email back saying that mortgage company had told them I was not longer proceeding.

Phoned mortgage company to find out whats happening to be told that I had failed a policy check or something. The guy on the phone gave me the impression that it was due to credit check (they use Experian)

Checked my credit rating with Experian right away and is is still at 999/1000 (same as it was back in August)

Nothing has changed on my part since the original application in August - nothing on credit cards, nothing on finance. No change to job (except slight payrise)

I was told that I would get my £195 arrangement fee back, but when I pressed them to appeal the decision I was told that an appeal would take at least 7 days and if the whole process went past the original specified completion date then I would loose my £195 regardless of the outcome.

So I guess until the moneys actually in the bank anything can happen - even if your circumstances dont change at all.

AIP worth the paper its printed on - I think not

hshen

rodsco wrote: »

I just had this happen to me and i'm still totally bemused by the whole thing. :mad:

Applied back in August for remortgage and got AIP right away.

Had various requests from mortgage company and their appointed solicitor over the first month or so and all information they requested was promply supplied.

Things went quiet for a while but I thought nothing of it as the completion date had been stated as 30th Nov.

Received letter from solictor on Friday asking for confirmation of existing mortgage account (moving mortgage companies) and 30 mins after I sent details by email I receive an email back saying that mortgage company had told them I was not longer proceeding.

Phoned mortgage company to find out whats happening to be told that I had failed a policy check or something. The guy on the phone gave me the impression that it was due to credit check (they use Experian)

Checked my credit rating with Experian right away and is is still at 999/1000 (same as it was back in August)

Nothing has changed on my part since the original application in August - nothing on credit cards, nothing on finance. No change to job (except slight payrise)

I was told that I would get my £195 arrangement fee back, but when I pressed them to appeal the decision I was told that an appeal would take at least 7 days and if the whole process went past the original specified completion date then I would loose my £195 regardless of the outcome.

So I guess until the moneys actually in the bank anything can happen - even if your circumstances dont change at all.

AIP worth the paper its printed on - I think not

Sounds like something to do with your existing mortgage account?

I have my mortgage offer in writing but have not asked for release of funds yet. Still they are randomly checking my credit file every now and then.

The days of easy credit are truly over. (not that I was lucky/unlucky enough to be part of it)