Mortgage acceptance question.

triffid123

Today i applied and recieved a mortgage offer. My question is this, now i have my offer i have put in an offer for the house i was looking at and it too has been accepted. Since the mortgage offer still has the whole proccess of a full application to go through but since i have had the morgage promise from the bank i applied too, is the mortgage promise as good as the full application? i.e. is it 100% sure to go through once all the precedures are done?
The reason i am asking is that im new to this and want to know the facts.

ACG

No.

Its an agreement in principle. It can still get turned down, however it does mean you have passed the credit check and your income/debt answers you potentially gave still meet the criteria of the lender - so its a good start but by no means is it through yet.

Gentoo365

These mortgage promises seem to mean less and less as time moves on. Some just put your details though their 'how much can I borrow' calculator and confirm your ID.

However unless you failed to mention something (e.g. a loan, credit card) or have any defaults/missed payments there should be no problem.

Sometimes when looking at forums it seems that loads fall though, but that is just because people are more likely to use forums if they have a problem.

Don't treat the mortgage as 100% until you have an offer. In fact, in England and Wales nothing is 100% certain until exchange of contracts.

But estate agents and people selling their house know this. So even in the most simple cases people expect a few weeks of faffing about.

triffid123

thank you for your answer, i have nothing to worry about in that case as i was upfornt, to the extent of taking both my experian and equifax reports in with me for the people to review, but you have put my mind at rest, many thanks

triffid123

Just a quick update. I went through the main application today and passed the credit scoring, i presume they did a full credit search on me. The Mortgage adviser informed me that they now have to get the valuation home report from the issuing company and send all the application and info to be checked, i pressume by an underwritter of some sort.
Am i right in saying that i have now been accepted for the mortgage dependant on the survey (which i 100% will be fine.)?

EDIT: i did a credit check on both experian and equifax and there is no checks showing, but i only went through the application just over an hour ago, so it may be that it needs a small while to show up on my credit record.