What is the actual mortgage process....

EMX_2

I must of now posted about three or four times..... as you can see i am all new to this...
My partner and i have just applied for a mortgage and awaiting a response from the post office.
We have had an offer in principle and filled out the full application form.
We have now been requested to send off our last three months of bank statements and wage slips and also proof of our deposit.

What is the next step with the post office what will they be doing with the info we have sent off?
If there are any credit check issues would we already know before the stage we are at?
I am just thiking ahead as we have now been asked by solicitors to pay out for a search and reluctant to do this asap if it is likely our mortgage may be declined. I know this is always a possibility but just trying to work out what the mortgage underwriter will now be looking at.

Thanks in advance

GMS

EMX wrote: »

I must of now posted about three or four times..... as you can see i am all new to this...
My partner and i have just applied for a mortgage and awaiting a response from the post office.
We have had an offer in principle and filled out the full application form.
We have now been requested to send off our last three months of bank statements and wage slips and also proof of our deposit.

What is the next step with the post office what will they be doing with the info we have sent off?
If there are any credit check issues would we already know before the stage we are at?
I am just thiking ahead as we have now been asked by solicitors to pay out for a search and reluctant to do this asap if it is likely our mortgage may be declined. I know this is always a possibility but just trying to work out what the mortgage underwriter will now be looking at.

Thanks in advance

Post Office undrwriters will be assessing your ability to repay the mortgage. Payslips will show income, and your bank statements will show how you handle your finances. If you have had any bounced cheques or direct debits they will ask questions, similarly if you have been over agreed account limits. Also they will look for undeclared credit commitments, regular payments etc.

Credit checks will have been done by now so any issues should have been raised.

Solicitors will want to start the conveyancing process which will mean you can complete quicker once you have an offer. Any searches done could usually be used for another lender if you are declined by PO.

Is there anything you are aware of which may cause concern to the PO underwriters?

EMX_2

Thanks for your thorough reply.... i have a concern which i have previously mentioned on threads...

one being that i have been in my over draft over the last three months and my past three months statements show this. However i have now cleared this and back in credit and also being paid on Monday. i have never gone over the agreed limit though.