mortgage offer on the way finally

smacky

hey guys

as title suggests the difference ?

Crashandburn

One is 9 letters, other is 8. What do I win?




/Proper answer is nothing! Just different lenders call certain tasks by other names. Some call it a survey and some a valuation etc

smacky

ok

so is not that 1 is credit checked and other is soft search on credit report ?

Let_Us_See

The same............

kingstreet

No. The difference in title description does not delineate the credit search, or lack thereof.

To some it's an AIP, to others it's a DIP.

Although it could be said that them what calls it a "Mortgage Promise" should be prosecuted under the Trades Descriptions Act.

smacky

kingstreet wrote: »

No. The difference in title description does not delineate the credit search, or lack thereof.

To some it's an AIP, to others it's a DIP.

Although it could be said that them what calls it a "Mortgage Promise" should be prosecuted under the Trades Descriptions Act.

so it means it can still decline at full app stage , as they charge for valuation ? and also does that mean they do full app after valuation is done ?

Thrugelmir

Key is the "In Principal".

A legally enforceable, but incompletely specified, agreement between parties that identifies the fundamental terms that are intended to be agreed upon.

kingstreet

smacky wrote: »

so it means it can still decline at full app stage , as they charge for valuation ? and also does that mean they do full app after valuation is done ?

You can still be declined at full application, yes.

Fees are only collected if the full app "passes" then many lenders only spend the fee when they are happy with the application and supporting documentation.

smacky

thx guys will keep you updated,

i think full app will go in today

mjb1974

kingstreet wrote: »

You can still be declined at full application, yes.

Fees are only collected if the full app "passes" then many lenders only spend the fee when they are happy with the application and supporting documentation.

Is this the same with Nationwide Kingstreet?

My full application went in on Monday and they took payment for the product fee and the valuation fee there and then. My valuation is scheduled for Monday 11th and my supporting documents scheduled uploaded and scheduled for review Monday/Tuesday according to the update from my Broker.

kingstreet

Yes. It should be fine.

Only an unforeseen issue, perhaps something wrong with the property could cause you a problem if everything was ok with the application.

Your documentation also has to match up with the data on the application form, but this is usually a formality.