Mortgage in principal agreed so can go wrong?

sleepyk

We have just applied for a mortgage in princ and it has been agreed (lloyds). What can go wrong now? What further things do they look at /decide on that might have them turn it down after all?? They did a "soft search" but I dont know what that means exactly as My husbands credit report does have 2 defaults which resulted in our last application being turned down by Santander ...have LLoyds seen it as well and just let it pass? Or are we going to get turned down later on ? Money wise we are all ok ...no debts etc

Malmo

sleepyk wrote: »

We have just applied for a mortgage in princ and it has been agreed (lloyds).

Nothing has been agreed at this stage and an AIP / DIP does not mean that a mortgage has been agreed. The purpose of the AIP / DIP is to check that you satisfy the lender's specific credit profile criteria and if you do, the maximum amount that you could borrow from that lender, subject to affordability criteria, valuation and any other criteria that they want to apply.

They did a "soft search" but I dont know what that means exactly

A soft search means that no other lender can see that search as it leaves a "soft" footprint on file. A "hard" footprint on the other hand would be visible to other lenders for 12 months, from which they could infer how often you are approaching lenders for credit.

What default dates do your husband's 2 defaults have and for how much each? Given these defaults and if your husband is one of the applicants, a good independent mortgage broker would have been advisable for your circumstances, rather than going directly to lenders.

amnblog

When were the defaults, how much were they for?

It is likely Lloyds may not have considered them yet.

sleepyk

one is nov 2011 one is nov 2010 1,000 and 3,500 respectively. Both were settled but the experian website has changed and it doesnt say "settled" or anything as it did previously. He hasnt had any problems since then but Im not sure that makes any difference...

move2k15

It wasn't with Lloyds, but I had an AIP which was later rejected at full application due to a default from 2010. Went with a broker who then was able to get me a mortgage through another lender fairly quickly. I think if there is anything that might reflect badly on your credit I would advise going through a broker rather than applying unsuccessfully directly to lender.

amnblog

Lloyds will not have 'seen' these until you go to full application.


Are you using a mortgage broker?


Have Plan B ready.