FTB mortgage question

Rebecca82

Hi all, newbie so please be nice

Apologies if this is the wrong section to post this in, and further apologies as I'm sure this will have been covered before (but as I'm at work, lengthy post-searches are tricky)

Basically, my partner and I are trying to buy our fist house. We have an offer accepted, and are applying for a mortgage for around 52% of the purchase price.

We have an agreement in principle from NatWest, which involved a credit check and the like, so that's a good start.
My question is, other than the valuers deciding the house is unmortgageable/overpriced etc, are there any other reasons that we may be refused the mortgage at this stage??

Please help, I'm really panicking about it as if we are refused not only would we lose out on the house, but there will be hell to pay with my family!!!

Thanks,
Rebecca

Rebecca82

Just want to say thank you so much for all the replies, really helped to put my mind at rest...


Way to make a newbie feel ignored and outcast. Don't think I'll be coming back here.

Ambro

I think the problem is that the lay person (most people on this site) has no real response to post regarding your query. Unfortunately this means that they also aren't bumping it with replies so that there is a god chance that someone more versed in the process has a chance to reply. I'm not really the person to answer your query but my opinion is below.:eek:

An agreement in principle can mean very little. Basically they might have just done the sums on the numbers you've told them over the phone and it seems fine (plus a simple credit check). You're probably good if you've gone direct to Natwest, in fact you're probably good as long as you aren't hiding anything even if it was a broker telling you it's AIP (especially if you've already provided evidece of the deposit being readily available and 6months worth of statements with no current debts). I don't know your personal and financial circumstances well enough to say you'll be fine with certainty though.

Lastly, try to ask nicely a second time before you go passive aggressive on the people you are asking for help. Sometimes posts get missed.:money:

spud211

What can go wrong? Lots. Depends heavily on amount of time between getting your AIP and completing though. It's difficult to answer without knowing your situation..but here are some common issues.

NB don't let this put you off!

The "Full" credit check failing - they don't do a full credit check for an AIP, that comes first with the offer, and then often at the completion stage too. You could fail at either point here.

Your circumstances could change - lose your job, miss a payment somewhere, not be able to find the deposit, some kinda disaster etc.

Valuation could not match up/be less than you expected

Lender could just change their mind (no obligation until its actually gone through)

Something nasty could come up on your surveys

Interest rates could shoot up

etc - there is a lot that can go wrong, best you can do is prepare well for it. Get your surveys done (full surveys, not just a valuation one) before proceeding to offer stage/exchange..make sure its all sound. Don't make any large purchases on credit, and certainly don't apply for any more credit, until you have completed. etc.

Good luck.

hazyjo

I read it, but couldn't help. Probably the same for a lot of people here.

Threads move onto subsequent pages very quickly on this forum. If nobody can help within say 24 hours, it's likely to be several pages back.

I could have plucked scenarios out of the sky, but no more than you could have done, so it wasn't worth me replying.

You won't get a whole bunch of people saying 'sorry, I can't help you' on each thread. That would be ridiculous and things would be bumped to the top that really had no information contained within them at all and people would soon get fed up of opening each thread only to find there was nothing worth reading.

If you were that desperate for a reply, a simple 'bump - please, can anyone help?' would have been nice, say a day later.

Hope you get/got your mortgage, as I'm sure the majority of people on here would wish too.

Jx