First Time Buyer Worries!

paulmapp8306

I have a question.

After worrying about being accepted for a mortgage, my agent submitted an aplication for a "morgage in principle" which has been accepted by Halifax.

Obviously they will want to veryify what I say I earn, and what i say my outgoings are are accurate - but given they are and I can prove it - Im assuming a full application will also be no problem? I do worry that well find a house within the sums promised in the MIP documentation, only for the full application to be turned down.

On a slightly differnt note - if we let this offer expire - will that negatively affect another application? The reason is the offer was for a Max of £120,000 with £18,000 deposit (so 15%) however we have since been notified of an inheritance which is 25% of an estate. the value is pure guesswork at present as it was a second cousin we didnt really have anything to do with - but as they left no will, no kids, no siblings, no parents etc that is the position. There is a house to sell (fully paid for) which will take a while, and the estate needs settling of course. However, as the sum is likely to be anywhere between £30k and £60k it will mean we can offer a much higher deposit. We'd be looking at upping the max value of the house to £130k but being able to offer somewhere between £45k and £75k deposit - and so we are thinking of staying where we are until this estate is settled, leaving the MIP to expire - then re-apply with the new figures in 9-12 months or so.