How long till mortgage decision?

kingstreet

ash213 wrote: »

im happy to go on the mortgage deeds as a payer but will they look into my financial history /credit check etc?

also, what does AIP mean? cheers, and when should we hear??

Yes. They will.

As long as you're credit worthy you could be party to the mortgage, even if your income can't be taken into account.

We can't tell you how long it will take. Is this a full application or an (AIP) Agreement In Principle?

according to lloyds she can borrow 119k based on 25k wage

At 4.76 x income, there may be some members of this forum who feel that's too much and I'm sure they'll be along to point out the error of her ways.

ash213

kingstreet wrote: »

Yes. They will.

As long as you're credit worthy you could be party to the mortgage, even if your income can't be taken into account.

We can't tell you how long it will take. Is this a full application or an (AIP) Agreement In Principle?


At 4.76 x income, there may be some members of this forum who feel that's too much and I'm sure they'll be along to point out the error of her ways.

if they reject the 4.76x income will they come back with a lower offer or just say !!!! off? :eek:

it was just standard application online

kingstreet

Sorry. I was being flippant about the 4.76 x income thing. There are one or two members of this forum who think it's their life's work to point out the pitfalls of "over-borrowing" as obviously you can't work out the implications for yourselves.

If she has simply applied for an (AIP) or agreement in principle, the lender will typically come back with a figure of how much she can borrow over the term she's requested.

If you are just starting out and haven't found a property it's an AIP, or agreement in principle. If you've had an offer accepted, you continue to a full application on the C&G system once the AIP has been given, so I suspect you are at the AIP stage...

ash213

kingstreet wrote: »

Sorry. I was being flippant about the 4.76 x income thing. There are one or two members of this forum who think it's their life's work to point out the pitfalls of "over-borrowing" as obviously you can't work out the implications for yourselves.

If she has simply applied for an (AIP) or agreement in principle, the lender will typically come back with a figure of how much she can borrow over the term she's requested.

If you are just starting out and haven't found a property it's an AIP, or agreement in principle. If you've had an offer accepted, you continue to a full application on the C&G system once the AIP has been given, so I suspect you are at the AIP stage...

thanks for reply, it certainly is AIP stage

do you think we will here by tomorrow or sometime tomorrow with lloyds?

thanks all

ash213

still nothing from lloyuds

kingstreet

They aren't open, so you'll get nothing before Monday if it was done via a branch.

ash213

it was an online application

kingstreet

An online application should have given you an instant decision. If it didn't do that, there's something in the application which needs a human eye, so it's been "referred" for that.

Nothing 'til Monday I'm afraid. Unless C&G are working overtime - which I doubt.

ash213

kingstreet wrote: »

An online application should have given you an instant decision. If it didn't do that, there's something in the application which needs a human eye, so it's been "referred" for that.

Nothing 'til Monday I'm afraid. Unless C&G are working overtime - which I doubt.

on the application it said something about what day we would like someone to be in contact....is this for soemthing else? my gf said wednesday between 5 and 8pm due to work.

i was hoping by this afternoon we would of had the golden 'text' with the decision in principle.

annoying. maybe ill get the gf to phone monday at lunch. she is a teacher you see, little time on her hands

glasgowdan

The mortgage is not too big as it's actually being paid by a couple with a £50k income, although technically being assessed on a single 25k income. Not sur ehow long it will take, best of luck though!