Mortgage Application - Where Am I At?

TakeItAsRed

Hoping someone on here can help me out, for the past few weeks now i have been putting together an application for a mortgage to my bank.

I had the DIP, no problems there.

The adviser in branch was really helpful went through all of the deals available etc, and sent me away to look for a property. I have found one that i am happy with.

In the meantime the branch come back to me and requested some more documentation, one being a reference check from my employer.

This was sent back to the branch, and the adviser is telling me that now it has to go to underwriters before a full offer can be made.

Is this the normal procedure?? The bank are telling me there are no more credit checks to be done, only a valuation on the property, he is confident there will be no problems from the underwriter.

Anyone been in the same position before?

amnblog

This is normal procedure.

TakeItAsRed

I am sure it is completely normal, but until i hear something official i will remain anxious and worried!

Irishgirleen2015

Im so nervous also


Survey is fine so waiting on a full mortgage offer, Had the DIP on the 11th/12th Dec

TakeItAsRed

As an update, my full application will be submitted on Monday. The valuation was carried out this past Friday.

The adviser at the bank has told me, barring any changes to my credit file, the full application should go through without any complications and the offer will be sent to the appointed solicitor.

There hasn't been any changes in my circumstances since the AIP, all documentation has been submitted to the bank, and they are happy with everything they have received.

What check will now be conducted? I am assuming the 'hard' footprint will now be carried out on Monday. There are multiple searches already from the bank, which i can see, does the hard footprint, carry out the same search as soft, only it literally leaves a mark other lenders can see?

Thanks

kingstreet

Valuation before the application is submitted?

How does that work?

TakeItAsRed

Maybe i am confused a little here, the developer provided a certificate to the bank? construction certificate? I am assuming this is the valuation?

kingstreet

No.

When you apply for a mortgage, the lender instructs a chartered surveyor of its choice to inspect the property to ensure the price is reasonable given the mortgage amount and it is (or will be) suitable security for the mortgage.

If the property is already finished, the builder may have supplied a copy of the NHBC cover note, but that normally passes from solicitor to solicitor.

I guess we're on HSBC/FD? It does everything in an odd order.

TakeItAsRed

ok - makes more sense then.

So if the bank have this document, and they run a full application on Monday, what is the difference between the initial soft and hard check?

Again, based on assumption, if the adviser is telling me as long as nothing as changed on the reports (which they haven't) do they check the same thing, only this time it leaves the marker for other lenders to see.

Thanks for your input, especially on a Sunday morning!!

kingstreet

The hard check leaves a record of the search on your credit file other lenders will be able to see for upto 12 months.

Usually, the hard search shows a longer history and at previous addresses.