mortgage agreed in principle

Jellybean_2105

Hi,

Wondered if someone could just explain to me a bit about how the mortgage process works as I really have no idea.

Once its agreed in principle is it all likely to go ahead, I have read stories where people have been declined after this stage.

What things do they look at to decline it, is the agreed in principle just a very basic acceptance?

Any info would be appreciated.

Thanks

ACG

Depends who the agreement in principle is with - if its halifax of aldermore, they only do soft footprints which do not check everything.

99% of other lenders do a full credit check.

So long as you can supply satisfactory evidence of everything you have put on the application and the property passes the checks, there is no reason for an agreement in principle to not be honoured.

Jellybean_2105

Its with Santander. I just worry as my partner has a bit of bad credit on his file about 3-4 years ago but obviously we have mentioned all this.

What do they look at with your bank statements?

What checks does the property have to pass?

Thanks

ACG

Overdrawn, pay day loans, gambling, dodgy transactions, regular out going payments that havnt been disclosed etc.

The property, theyre just checking its where you said it is, its in one piece and is habbitable and isnt likely to fall down in the next strong wind.

Jellybean_2105

great, thanks for your help.