Agreement in Principle

Kit603

My partner and I went to see a fees free whole of market broker at the weekend about a FTB 90% LTV mortgage and I think he got us a really good deal with Santander.

4.49% Fixed for 2 years, £250 cashback, Free Valuation and a contribution towards legal fees.

He put our details through to Santander this morning, who did a credit check and then issued an agreement in principle. The broker is now putting through our full application. He has taken the application fee and documents (proof of ID, payslips, bank statements etc) for the underwriters and says I should hopefully get a decision (subject to valuation) by the end of the week.

What is the likelihood that, if all information given when we applied for the agreement in principle was accurate, we would then be declined by the underwriters?

Wh05apk

If everything is as per AIP, then you should be fine.

Kit603

Thank you for the advice, everything is as per the AIP. I've still not had a formal offer yet, but the mortgage company have proceeded to instruct the valuation to be carried out so i'm hoping this is good news.

sockpuppet

If Santander have instructed the valuation that is good as they do not do this until the application has been approved.

They will await the valuation now and if all is ok they will go to Offer.

Conrad

Direct 90% deals will have been cheaper.

Kit603

Conrad wrote: »

Direct 90% deals will have been cheaper.

I did shop around before I decided to go for this rate, I tried an alternative broker (L&C) and I went direct to various lenders aswell as trying comparison websites. I wasn't able to find a rate that worked out cheaper over the length of the fixed term (taking into account fees and cashbacks).