HTB Phase 2 - Strict Lending Criteria

Gordon_Hose

Got plenty of current and closed borrowing since 2007 showing, all green.

1 late payment May 2009, but BT have agreed it was placed in error and will remove it, which I have in writing.

koexelek

stevied3268 wrote: »

Forgot to mention that another couple I know had 1 cc default 6 months ago and was denied the scheme.

Shocked at that:D

Gordon_Hose

stevied3268 wrote: »

Good luck Gordon Hose please update the post on how you got on/found the process.

I just got my AIP, it is now with the underwriters.

Process was fairly straight forward, Check and copy I.D, check affordability, check bank statements, fill out paperwork, answer questions on future family plans and large purchases that may affect affordability and current expenditure/outgoings. Answer questions about whether we could pay the mortgage if interest rates rise after out 2 year fixed period come to an end.

It was quite in-depth, we were in there for 3 hours in total, answering this, checking that, signing t'other, listening to standard text she needed to read to us.

It was a relief when the credit check came back OK! :rotfl:

AndyGuil

Sounds quite thorough so far. At least you are through the first hurdle, the AIP. The next one is the big one for the thorough check. Once you have successfully bid on a property that one will start. You get the result a bit after the survey is complete.

Wh05apk

[QUOTE=Gordon Hose;63832061
It was quite in-depth, we were in there for 3 hours in total, answering this, checking that, signing t'other, listening to standard text she needed to read to us.

It was a relief when the credit check came back OK! :rotfl:[/QUOTE]



That is outrageous, no meeting should be 3 hours, I would say a max of 1 1/2 hours, after that neither party can be concentrating fully, and you will not be retaining what you are told.


3 hours almost sounds like double-glazing sales tactics.

kingstreet

Any insurance product sales included in that three hours?

Gordon_Hose

AndyGuil wrote: »

Sounds quite thorough so far. At least you are through the first hurdle, the AIP. The next one is the big one for the thorough check. Once you have successfully bid on a property that one will start. You get the result a bit after the survey is complete.

We already have an offer accepted.

Wh05apk wrote: »

That is outrageous, no meeting should be 3 hours, I would say a max of 1 1/2 hours, after that neither party can be concentrating fully, and you will not be retaining what you are told.

3 hours almost sounds like double-glazing sales tactics.

She must have spent that photocopying things :rotfl:

kingstreet wrote: »

Any insurance product sales included in that three hours?

Not as such, she mentioned that it was a requirement of the mortgage to have life insurance in place, so she made us an appoint with another chap to discuss life insurance. There is no requirement to take out life insurance with them though.

She was happy for us to shop around for contents/building insurance.

AndyGuil

Gordon_Hose wrote: »

We already have an offer accepted.

That's great. Well done! :beer: So straight onto the next checking process. This takes a lot longer and you get the result after the survey.

Gordon_Hose

She said we should hear back from the underwriters in 5 working days.

stevied3268

Gordon_Hose wrote: »

I just got my AIP, it is now with the underwriters.

Process was fairly straight forward, Check and copy I.D, check affordability, check bank statements, fill out paperwork, answer questions on future family plans and large purchases that may affect affordability and current expenditure/outgoings. Answer questions about whether we could pay the mortgage if interest rates rise after out 2 year fixed period come to an end.

It was quite in-depth, we were in there for 3 hours in total, answering this, checking that, signing t'other, listening to standard text she needed to read to us.

It was a relief when the credit check came back OK! :rotfl:

Thanks for the feedback, thats great news on the AIP. Wish we could go into bank, we have got to do ours over the phone :mad: so there will be no ID checking/photocopying going on. It will take an hour apparantly. Earliest appointment in bank was 15th December on a weekend! Who'd of thought we both work in the week :whistle:.