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Why does my mortgage offer need to be 'validated' by the estate agent?
sarah759365
Posts: 29 Forumite
Hi,
I have an offer in principle from Halifax and have made an offer on a house. It was difficult to get the mortgage because of financial associations and we went (via broker) to 3 different lenders before being accepted at LTV 15%
The estate agent have now said they need to have our offer validated. I thought this would just mean sending them a copy of the AIP which I've done, but have now had a call from the estate agents mortgage advisors APH who want all my salary, credit card and loan details so that they can assess affordability before they will put the offer forward to the vendor.
Why do they need to do this if we have our AIP?? I'm really worried that any further credit checking will damage my score further but if I don't let them do it then we won't get the house. And if their affordability criteria is different to Halifax's we may not pass it anyway?
Could anyone advise me to why they need to do this?
I have an offer in principle from Halifax and have made an offer on a house. It was difficult to get the mortgage because of financial associations and we went (via broker) to 3 different lenders before being accepted at LTV 15%
The estate agent have now said they need to have our offer validated. I thought this would just mean sending them a copy of the AIP which I've done, but have now had a call from the estate agents mortgage advisors APH who want all my salary, credit card and loan details so that they can assess affordability before they will put the offer forward to the vendor.
Why do they need to do this if we have our AIP?? I'm really worried that any further credit checking will damage my score further but if I don't let them do it then we won't get the house. And if their affordability criteria is different to Halifax's we may not pass it anyway?
Could anyone advise me to why they need to do this?
0
Comments
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They are required under the EA Act to ensure anyone making an offer has the means to proceed quickly to unconditional exchange of contracts. The Act is silent on how this is done, but it can be anything from a few quick questions over the phone to a meeting with an adviser.
They will, of course, try to sell you their service and you should tell them you are not interested and under no circumstances should they carry out a credit search.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
great thanks, I'll do that0
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