Agreement In Princ - Mortgage Refused?

kongou

Evening ladies/gents,

A fortnight ago I obtainmed an AIP with Abbey for my future house purchase. I have now had an offer accepted on a place and my application is with the abbey. I'm a little worried as I have had a few credit probs in the past although this was 4 years ago. How often do mortgages get declined after the mortgage promise? Thanks
Great site

harpyboy07

I myself am in pretty much the same predicament just now. Did you use a broker? I have had an agreement in principle with Skipton and Abbey but when I decided to apply for the product we wanted, we decided Accord had the best deal for me. However, Accord would only offer us one of thier Sub-prime products which I wasn't to keen on doing. My broker then got me an agreement in principle with the Abbey(all my paperwork is with them now) and I'm awaiting the decision. So basically I've got the same worried feeling...let me know how it goes for you. When did u you submit the application? It would be great to hear from anyone else who has been through a similar situation or anyone has an idea on what the chances are of agreement in principle not convertin to offer!

golfnutt

I had my mortgage offer today from Abbey. I to had a less than perfect credit history.
So as long as you provided all the right information they require you should be alright.
Although mine took about 8 weeks because of a few minor hiccups (missing paperwork & surveyor to$$er:mad: not sending valuation to the Abbey).
So try not to worry too much, as i did major stressed.

good luck with everything, and hope this puts you a little at ease.

harpyboy07

Cheers for the reply, helped put my mind at rest a little Hopefully it won't atke 8 weeks for me to find out though! I would have thought that after the agreement in principle it would be more than likely that you would receive an offer anyway assuming yr incom etc etc.:money:

golfnutt

They will only make an offer of advance after they fully check all requested documents and details etc.... and finally after they have the surveyors valuation, which the Abbey tend to instruct last.
And in my case it took 4 weeks from the time they took the money for the survey til the time i had the mortgage offer.
But it should not take that long normally.

Hope yours goes smooth.

harpyboy07

I noticed they took £295 from my account but I assume they would take this even if they were going to decline you?

golfnutt

It is no gaurantee, but i was informed by my mortgage broker that they instruct the survey last, so in all probability it would then just depend on the surveyors valuation.
In my case they were right.
I take it you are having a basic survey, as i paid £500 for the homebuyer report ?

harpyboy07

Yeah I'm just having the basic as the house is only 3 years old, did yr survey come back at the price you were paying?

golfnutt

Yes. I find it bit annoying tho that if it were under the offer value, they would say so.
yet they only state the value at the agreed price, and not the true value.
I mean you pay enough, say so tell us what it's true market value is.
But i just hate sureveyors right now, for causing me 2 weeks of stress

elvis_girl

Hi,

I'm also trying to remortgage with Abbey. It has taken over 6 weeks, and I have only just today have a call from their survey team. I am also generally panicking (that I'll be refused cos my flat is about to fall down etc) so I would also appreciate some reassurance!

livalicious

Hey guys, its been awhile since you all last posted, was just wondering if any of you had your mortgage offers through yet.

My broker recommended Coventry BS and sent off the application yesterday. Im really worried because until recently, i didnt know that getting quotes for mortgages would leave footprints and negatively affect my credit rating. My partner and i both have good credit histories, so i dont know if i have gone and faffed it up. :eek:

Oh well, will have to sit tight and see. BTW My mortgage broker told me they are not recommending Abbey at the moment because of the timescales.