Seeking Reassurances

TopperHarris

Hello all, please go easy!

I have applied through a broker for a Help to Buy Loan Mortgage. I have a 5% Deposit the rest to come from the Equity Loan Scheme.

My broker has told me that i 'meet criteria' i have had a AIP and have passed credit scoring. I have received a copy of the Key Facts and everything seems acceptable.

A fee for the full application has been paid and also a valuation fee has been taken. The remainder of any fees to the broker are to be paid on completion.

Now i am told to sit back and not to worry. I have supplied ID, Bank Statements, CC Statement and details of an existing loan.

I pass affordability for both Help To Buy and Mortgage Application.

My question is this, what actually happens now? I can see there are x 2 Checks on my Experian Credit file, should i anticipate to see another? The lender is TSB. My Credit File has no adverse credit history at all other than 1 missed Mobile Phone payment 44 months ago. My score is classed as Fair (but reading the Forums i know this is pointless). Will a 'hard credit check' now be carried out? What is the difference between the soft and hard check? Is a hard check always carried out? Considering i have past credit scoring at AIP stage??

Thanks

Thrugelmir

TopperHarris wrote: »

My question is this, what actually happens now?

There'll be checks to ensure that there's nothing you haven't declared on your application.

For example the registry Trust

http://www.trustonline.org.uk/

TopperHarris

Thanks for the reply.

I suppose knowing what is in there is as valuable as your CRA data. Ran a search, thankfully no surprises!

ACG

If the application has been submitted (which it sounds like it has been) then the full credit check has been done.

The underwriters will be doing their checks and the valution will get carried out.

Easier said than done but there is nothing you can do now until you hear more so just make the most of your weekend. Everything that has been checked so far you have passed, you cant ask for much more than that.

The broker only gets paid if it completes by the sounds of it so if hes not worried you should not be.

TopperHarris

Thank you for the replies. I know its a long process, but i am still waiting. Lender was having troubles verifying me online? That has now been resolved.

The valuation was actually cancelled as my broker said he would rather wait to get a offer subject to valuation before spending the money on the valuation. The valuation fee has been paid so i am guessing i can get this back should the application fail.

My last update was that the underwriter is happy with my case and that my income is now being verified!