Halifax Mortgage Promise - what is it? Are we likely to get our mortgage?

stockaz

Hi. I read on a thread that you're a mortgage advisor. I wonder if you could give me some advice.

My wife applied for a FTB mortgage with Halifax. She was looking for a 90% mortgage on a property worth £150k. She applied for a decision in principle (AIP) or Mortgage Promise as Halifax call it. It came back as a catagory B acceptance which meant they could loan the required amount but require a 15% deposit.

That is all fine, we can find the deposit required but we are worried because it will be a lot of effort to find the extra deposit money and we still haven't got a firm offer, just a AIP (Mortgage Promise). My question is how likely is my wife to get the actual mortage based on this? Assume the valuation is fine. We are just worried about the credit check they say they will do after the valuation. Is this different for her initial credit check to get the AIP or is basically just to check nothing has changed in the time since she first applied?

Anyone have any experience of this?

Thanks... hope you can help.

koexelek

If you have a mortgage promise and a score, the credit check will already have been done.
They may do another one if you do not fully apply within a certain time period though, so it is important you keep your credit A1.