FTB mortgage application today!

ashli_2

Hi there,

We are first time buyers applying for our first mortgage today and I've got no idea how it works! I'd be grateful if someone could explain the process to me. Will they tell us straight away if our credit check is satisfactory? How long does it take before the mortgage is approved?


Thank you!

herbiesjp

Are you going direct to a bank or going via a broker?

If you are going via a broker, and you are worried about your credit history, you can always ask them to apply for an agreement in principle.

Depending on the lender, it can take between 5 minutes and 48 hours for a response (some have on-line systmens and some need to be sent a fax to be processed)

When they do this AIP it will leave a footprint on your credit file, but they should not be a problem if it is the first application yuo are making.

Have you got copies of your credit files? Is there anything on there that makes you think you will not get accepted?

HTH

ashli_2

Both of us have small bad debts (in the region of £500) from 6 or 7 years ago when we were were students, which is what I am worried about. I have checked our Experian credit reports in the last month and they were both good (888 for both of us), so I think (I hope!) that those debts have dropped off the radar now. We have paid all our commitments by direct debit for years now so haven't defaulted on anything.

I think it will be fine, but can't help worrying until we get the ok, which is why I'm wondering how long it takes to come through!



ETA We are going direct to Alliance and Leicester.

ashli_2

Well, it's been referred, but he said that was normal, so we'll have to wait until Monday to find out! :eek:


And whoever said it was too easy to borrow money? I had to sit through 2 hours 45 minutes of fending off over-priced insurance before I got anywhere near signing on the dotted line.... :rolleyes: