A few questions about mortgage application

mmcg

Hi all


I am due to apply for a mortgage with the Clydesdale bank this week, it has been 10 years since my 1 and only previous application so I have a few questions im hoping someone can help with.


There is a £1000 mortgage fee and a further £400 valuation fee for the mortgage, are these only payable if you are accepted for the loan or is there a possibility that I can be rejected and still have to pay the fees?


A financial advisor I spoke to yesterday seemed to indicate he thought Clydesdale would be difficult to get a mortgage with and was trying to sway me towards Halifax, the Halifax deal is far more expensive however and out of my price range, is it true about CB being difficult? I am applying for a 90% mortgage on a new build which isn't going to help however in affordability terms I should be fine, my credit history is also excellent, my only issue is my wife (who is not named in application or home deeds) had a trust deed about 8 years ago although it is now cleared and removed from her credit file, im just worried about "has anyone in your home ever had bad credit" type questions, is this likely to be an issue?


Finally how long does it normally take for a final yes or no answer on a mortgage?


thanks in advance

ACG

If you add the £1000 fee to the mortgage it would only be payable if the mortgage completes.
The valuation fee is payable once the valuation is carried out regardless of whether the mortgage has been accepted or not - most lenders do the valuation AFTER the underwriting has been carried out - so the only real risk is if the property comes back down valued.

mmcg

ACG - thanks for the reply, the home is a new build and the same house in the same estate has been selling at a higher price than we are paying so im optimistic the valuation shouldn't be a problem