key facts illustration

paul1988

Hi there

I have been to see my broker today and she said the mortgage has been approved with leeds building society,I got my key facts illustration today could anyone tell me what stage I am at??,also they said it was just the valuation that needed to be done now.

any help would be apprichated

many thanks

kingstreet

You're supposed to get a key facts illustration before anything else.

Then a decision in principle.

The you submit a full application which is assessed and documentation submitted.

Once that's done the valuer is instructed.

Finally, the mortgage offer is issued once the valuation is back and the case is signed-off.

You're going to have to work out where you are up to, based on what you've been told.

paul1988

Many thanks for the reply,I got my DIP on monday did my KFI today along with bank statements,she told me its 99.9% approved just need supporting docs,little confussed with all this due too been a first time buyer and it going so quickly

kingstreet

A key facts illustration is just a quote which sets out the terms. As I said, you're supposed to get that BEFORE you make any kind of commitment, or any credit checks are done.

If the full application was only submitted today, it's going to be about three days before Leeds assesses the documentation, assuming the broker uploads it all today and it's all acceptable and complete.

Once that is done, then the valuation is instructed.

Here are Leeds current service standards;-

http://www.leedsbuildingsociety.co.uk/intermediaries/service-status/

FWIW our latest Leeds case was submitted on 20 August and offered yesterday, so 15 days in total, which is pretty good.

Mortgage_Mark_2

It's not that unusual to get a DIP prior to any specific KFI in fairness, if there was any particular worry about credit etc for example.

paul1988

So what does all this mean,they have credit checked me and all is good and going a head with offering the mortgage??sorry I sound daft lol

kingstreet

Mortgage_Mark wrote: »

It's not that unusual to get a DIP prior to any specific KFI in fairness, if there was any particular worry about credit etc for example.

Really?

I wouldn't be doing a DIP with Leeds if I hadn't provided a Leeds KFI and requested permission to proceed from the client.

paul1988

To be honest,she set the interest rates and stuff out to me when I put my DIP and when I got the KFI back the numbers and terms were no different

Mortgage_Mark_2

kingstreet wrote: »

Really?

I wouldn't be doing a DIP with Leeds if I hadn't provided a Leeds KFI and requested permission to proceed from the client.

Yep.

If I have someone who has one lending option for a variety of reasons, and we have a small blip on credit file, I'll often DIP prior to KFI or products being chosen (with client's permission, obviously).

Halifax the obvious example, who don't even ask for a product when DIP'ing.

EDIT: And Help to Buy. I always DIP first for that.