Questions regarding a mortgage

spainboy1281

If I get an agreement in principle doesnt that last only 3 months? It may take a year to sell a flat,maybe less maybe more so do I keep getting agreements in principle or is it best to wait until I get an offer on my flat then try and get an updated agreement with the bank?!

Lloyds_Bank

spainboy1281 wrote: »

HI. I was a first time buyer one year ago and bought myself a flat for £46000, I put down £17000 so my mortgage was £29000. At the time the job I was in was a full time permanent earning £17k per annum so I could have borrowed more if I wanted to.

Now I really want to sell my flat and buy a small house,in the region of £80k which I can get in my area, I have changed jobs since now with the Royal Mail on a permanent but its part time (around 15k) but my overtime is regular to about another £5k per year on top. Im with Lloyds and happy to stay with Lloyds, they do an online calculator which includes any overtime I do.

here are my questions.

1) Ive always kept up to any payments on Cards etc and never been late, my experian score is in the excellent catagory but for some reason in the last year Im getting knocked back for credit (say if I want to buy something interest free from a store). I went to buy a £600 TV from Currys a year ago on 12 months interest free and was really shocked that they knocked me back.
Ive no idea why but I was wondering if this flat I bought is linked to previous debt so would Lloyds need to do another credit check on me even though Ive got a mortgage with them? I do bank with them and my wage goes into my Lloyds account.
I dont want to try and sell my flat and then find out I cant get another mortgage cos of some black mark on my credit even though ive no idea what it is.!!! So what would be the advise to find out they will definately lend me money before I put wheels in motion in trying to sell my flat.!!!!??

2) secondly regarding the overtime. Do Lloyds (or other banks) take my word for it or do they write to the employer? Its no big deal but id have to make sure my manager would co operate

Hi spainboy1281

Even though you're an existing mortgage customer with Lloyds, any new application would still be subject to the same checks as your original mortgage.

For more detail on the info we use to come to a decision on your mortgage, click here.

I hope this helps.

Thanks,

Graeme