AIP & Credit Checks

BobAgg

Evening All,

We have an AIP from Northern Rock for a mortgage on our new build property.

We are waiting (patiently!) for our broker to submit a full application! ( it's been 9 days now and I'm getting twitchy!)

NR have, according to my Experian report, done a credit check 2 days before they gave us an AIP.

My question is, will they run ANOTHER credit check on the full application, or does it appear that we have met their Credit Score criteria and will now substantiate the offer on proof of earnings etc?

Thanks for your time!

Bob

josievg

I don't know if all lenders have the same policy but when I looked at our credit files I saw that Post Office (our lender) ran a credit check on the day we applied for the AIP and again for the full application (approx 2 weeks later just before they offered the mortgage).

herbiesjp

What has taken your broker so long to submit the application?

BobAgg

herbiesjp wrote: »

What has taken your broker so long to submit the application?

I have no idea, a work colleague told me this morning he had the same experience, but after the full application had been submitted, the process was transferred to another department and it was all good from there! I have had a few phonecalls unreturned into the bargain!

We're so close to getting the mortgage we're after, I don't want to upset the applecart by phoning up the lender and submitting a full application over the phone!

_Andy_

Why don't you just ring the broker up and ask why he hasn't submitted the app?
You're the customer here!

BobAgg

_Andy_ wrote: »

Why don't you just ring the broker up and ask why he hasn't submitted the app?
You're the customer here!

I have been, with no joy!

I did speak to someone at the office just there, they told my AIP has now been converted into a full application and are awaiting a decision!

Anyone got a general idea how long these things can take?, and also, how does a lender value a property that has yet to be built?, directly off the plans?

BobAgg

Forgot to mention in the OP....

Our initial application for the Agreement in Principle was 'referred', and we didnt get an answer for 2 days.

Would that mean that a thorough credit check was carried out during that period by an underwriter?

Thanks for your time!

Bob