Post Office mortgages = application process

bassa1980

Hi all,
I have applied for AIP and this was accepted online straight away. I then went ahead and got an offer accepted on a house I love.

I have now completed the full application online, again this was instantly approved and I paid my £400 odd application fee.

My question is, is that it? once I prove earnings etc? or are there further checks and silliness that need to occur.... can they still decline? does anyone have any experience of this?

It's a 120,000 mortgage, not massive, it's well below what I could have applied for, but I am being sensible just to get onto the ladder.

Thanks in advance :beer:

mail2z

I have recently applied for a post office mortgage, once you are asked to pay for the valuation your application is almost complete subject to you providing the evidences for the earnings claimed, ID and any other specific documents that you have been asked for. Once the valuation is complete you will get the mortgage offer within another day or two.

Good luck.

bassa1980

Thanks for the response. I suppose I am just scared, I've been knocked back too many times, this is the furthest I've got!

Congrats on getting yours sorted. I've found the process with them pretty straight forward, just hoping everything goes ok now.

Nervously awaiting further correspondence now

Thanks again

ACG

Why have you been knocked back with other lenders and when?

If you pass the AIP then its usually a case of supplying satisfactory evidence and the valuation passing... but in theory they can still decline the application right up until completion - although that is pretty unlikely.

bassa1980

I've only been knocked back at AIP stage, and this was 12 months ago. I'm a first time buyer, single applicant and self employed.. So nobody would touch me! Nothing adverse on my credit report, so I put it down to financial climate etc

It's been very frustrating, but now feels right, I'm 33 and need to lay down some roots.

ACG

So long as you can show accounts and/or SA302s you should be fine... most lenders request one or the other although they tend to be leaning more towards SA302s at the minute.

If it gets refused, might be worth speaking to a broker. Good luck with it though, keep us updated - it will help others thinking of using the post office.

bassa1980

All accounts are available so fingers crossed.

Will keep the thread updated! I've contacted brokers but they all say I need a 40% deposit?! Which is why I feel so nervous about this application

Thanks for your advice

ACG

How many years accounts do you have?

bassa1980

I have 3 years, which is what the PO require.

I just hope they haven't said yes yes yes up until this stage, only to knock me back further down the line

ACG

Brokers have said you need a 40% deposit with 3 years accounts?
How many brokers? What a load of rubbish!

Assuming the 3 years are consistent or increasing then you will be treated like any other employed person and a 10% plus should be fine.

bassa1980

3 separate brokers, and directly with nationwide. You see my frustration

I have a good salary, 10% deposit, and lending well below what mortgage calculators say I can borrow.
First 2 years booms are consistent, 3rd significantly higher. It's bonkers.