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How definite is a mortgage in principle?
Petal*
Posts: 13 Forumite
Hey everyone - quick question due to ongoing panic about something going wrong!
We've had an agreement in principle from Barclays - credit check done etc. How likely is it that something could still go wrong? There won't be a problem with the valuation (we got a crazy price for the place due to desperate seller!) - what else could go wrong? Can we relax now? :-/
Petal
We've had an agreement in principle from Barclays - credit check done etc. How likely is it that something could still go wrong? There won't be a problem with the valuation (we got a crazy price for the place due to desperate seller!) - what else could go wrong? Can we relax now? :-/
Petal
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Comments
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Ok, I've had a look at some other related threads and can see that an AIP isn't necessarily any guarantee of an offer. The good thing is that we know they've already done the full credit check. And as we're using a broker I hope that will help if any problems occur. Also, my boyfriend is borrowing through his bank of 20 years, and has a 25% deposit to put down, hopefully that will help? I guess time will tell though!
This mortgage business is all very stressful! :-/
P0 -
Oh and he's coming in at borrowing a good 40k less than the 'pre-approved' sum that his bank had earmarked for him to borrow when the broker first spoke to them. P0
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Should be ok - sit back and relax
I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Easier said than done ;-)0
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I'd say things look positive for you guys, congratulations and good luck.
I would recommend keeping onto them though as there processing and communication in appalling.0 -
Hi Petal,
I am in exactly the same boat as you and am feeling exactly the same! It would be cruel for them to withdraw, but as we no are well within their rights to do so!
We are about to send all our documents off, so not long now!!!!
EEEK :eek:0 -
Good luck with it - it's not definitely from an AIP but assuming your broker is confident, competent and you have nothing "bad" on your file/affordability then it's very likely it will all come through
I know what it's like, but in a few weeks you'll get that offer letter and get a moment of relief..before the rest of the purchase process begins
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Good luck with it - it's not definitely from an AIP but assuming your broker is confident, competent and you have nothing "bad" on your file/affordability then it's very likely it will all come through
I know what it's like, but in a few weeks you'll get that offer letter and get a moment of relief..before the rest of the purchase process begins 0
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