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Decision in Principle (Accept) to full offer
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dominoman
Posts: 973 Forumite
I have just received an Accept for a Decision in Principle on a new mortgage.
To get the full offer I need to pay the application fee. What could cause the AIP to be OK but the full offer to be rejected? I don't want to pay the fee and then lose it if there is a lending criteria that I don't meet.
To get the full offer I need to pay the application fee. What could cause the AIP to be OK but the full offer to be rejected? I don't want to pay the fee and then lose it if there is a lending criteria that I don't meet.
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Comments
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Who is your lender? Some lending criteria is available online, but not for all lenders. Do you have a broker or have you gone direct. Any broker will be aware of the lending criteria.
It is a risk you take when buying a house, and all the way up to completion you could lose all of your costs if the buyer or the lender pull out.0 -
* the lender's Valuation of the property might be lower than your agreed purchase price
* the condition of the property might be inadequate to lend against
* you may not provide the required evidence of salary required
* credit searxhes on your files might show up defaults, CCJ etc
etc0 -
Who is your lender? Some lending criteria is available online, but not for all lenders. Do you have a broker or have you gone direct. Any broker will be aware of the lending criteria.
It is a risk you take when buying a house, and all the way up to completion you could lose all of your costs if the buyer or the lender pull out.
The lender is Leeds Building Society.
The one criterion I am worried about is whether I need to have an existing mortgage before applying for this one, which is buy to let.
I've seen their criteria advice to brokers and that says it is mandatory. But for direct applications there is no mention of that requirement. And they approved in principle even though I stated I was renting and had been for three years.0 -
The lending criteria is at http://www.leedsbuildingsociety.co.uk/introducers/criteria-guides.html
I've only ever had residential mortgages, so I can't help you with this one.0
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