Mortgage Advice - First Time Buyer

Mummytobe

Hi,

Im a first time buyer and new to all this! Me and my partner have had an offer accepted on a house, and a mortgage decision in principle with Northern Rock. That was given on friday. Today our broker rang me and asked for some more details - full employer address, national insurance numbers, bank details for the payment to come from, card for the valuation payment. She said she would ring later on this afternoon but she didnt....im starting to worry because i havent heard anything. Any thoughts anyone?

BaconandEggs

I wouldn't worry at this stage. The process may take a while. If you're concerned phone her tomorrow afternoon.

Mummytobe

Thanks. Because i have been in the situation before (twice!) and it all falling apart i just wont rest till i hear good news. I kind of thought the decision in principle was news that we had passed the credit rating etc but now im not sure. It says on our AIP "high credit band" what does that mean?

TrickyDicky

The AIP is based on the information you provide. A mortgage decicion is based on the information the credit reference agencies provide. So an AIP isnt really worth alot, because you can easily lie (you can get many of them online in about 2 minutes).

The full application process can take a few days to a few weeks.

Mummytobe

why do you think it says "high credit band" then under neath our application number on the AIP?

KingElvis

Mummytobe wrote: »

why do you think it says "high credit band" then under neath our application number on the AIP?

Just a guess but do you already have a lot of loans and credit cards?

I could mean you already have a lot of debt or it could mean you're in some kind of high credit band due to your credit score.

All pure speculation, you could ask your broker.

Mummytobe

Thanks....i was also thinking the same as you. I instantly thought it meant i had a high credit rating but then obviously i begin to doubt that and thought it might mean i have a large amount of credit which i dont really compared to what we earn.

Mummytobe

Had some good news today after speaking to the broker she has confirmed that all the data has been entered into the mortgage application and that the valuation is going to take place soon. So surely that means things are moving in the right direction....im just scared that somethings gonna go wrong. She said we have done the difficult bit (i.e passing the credit rating.)