Mortgage in Principle

richieandfay

Hi everyone,

How long should you wait for a decision for a mortgage in principle?

I asked my broker to get one for me Friday lunchtime and I have not yet heard anything. I know a credit search has been done on Friday as my credit report shows it.

Any help please.

Thrugelmir

Does your broker work at weekends?

richieandfay

Not sure, just as I noticed a search done on my credit report and my broker said she would get back to me on the Friday.

ACG

It can take anywhere from 30 minutes through to 3-4 days.
It depends on the lender and the applicant.

Steph1993

I don't know if this is the right thread to post on but I'm just looking for some advice if possible. Last night I applied for an AIP with Barclays for me and my partner. It came back straight away saying that based on the information given we would lend you £120,000 then below it says to make an appointment we need to phone and book one which is fine. But below that it said for your appointment you need to bring;
ID (Passport or Driving Licence)
1 Latest Payslip
1 Latest Bank Statement
Is this right as everywhere I have read it is saying 3 months payslips and bank statements but I have read online that they have only been asked for 1.
Any advice would be great.

ACG

Again, it depends on the lender and the applicant.
Chances are if Barclays have you as a customer, its a relatively low LTV, you score well and/or you are not reliant on overtime or bonuses some lenders may only want 1 payslip.

Steph1993

Thanks ACG.
I just thought it was a bit weird only wanting 1 payslip and bank statement.
Yes my partner is a customer with Barclays.
LTV is 90%
We will see how it goes.
Would you say clear credit cards before going for the full application?

ACG

If you pass affordability it should be fine either way.

Steph1993

Is the affordability test at AIP stage or full application stage?

amnblog

They will always check everything an application stage. They cannot confirm affordability at dip stage. if you have done it on line as you may have missed something out or keyed in the wrong figures.

Take 3 months wage slips and three months bank statements with you to the Bank. Also ID, proof of address, proof of deposit, and two years P60s.

If you are smart you will avoid going direct and use a broker.

Steph1993

Oh right thanks for that. I was just confused as to why they only want 1 payslip and bank statement but reading up on it a lot of banks only ask for 1 of each and the mortgage goes through.
Why would you advise go through and broker and not direct?