Adverse credit mortgage

Kopkings84

Hi myself and my partner are currently going through a mortgage application with an adverse credit company via a broker.
We have had a offer in principle and have had a offer on a house accepted. I am not going to name the company yet see how it plans out first.
My main question is having got a deal in principle with a adverse credit company and going through all the checks they do first off, does this stand us in good stead with our application now?

marksoton

Kopkings84 wrote: »

Hi myself and my partner are currently going through a mortgage application with an adverse credit company via a broker.
We have had a offer in principle and have had a offer on a house accepted. I am not going to name the company yet see how it plans out first.
My main question is having got a deal in principle with a adverse credit company and going through all the checks they do first off, does this stand us in good stead with our application now?

Um, maybe ask your broker?

Kopkings84

Was just looking for advice from past users of these type of credit companies. The broker won't say anything just that it takes time with these companies.
Anyway they have taken there survey/ valuation fee this morning.

ShivasPlace

Certain lenders do a hard search on your credit file before issuing an AIP / DIP. If this is the case with you, then I would say that this is a good sign. Suppose you could ask your broker if they know what credit check has been done?

Most lenders seem to take the valuation fee on application, so that doesn't mean much. However, if the valuation has been booked, then this is also a good sign.



(This might be better suited to the Mortgages and Endowments forum…)

Thrugelmir

Kopkings84 wrote: »

Was just looking for advice from past users of these type of credit companies. The broker won't say anything just that it takes time with these companies.
Anyway they have taken there survey/ valuation fee this morning.

Seems to be progressing. Given the nature of the business they underwrite. They will be a lot more thorough (i.e. a manual process).

Kopkings84

Hi thanks for your reply, they did a hard search before the mip was offered. Still waiting on a answer it's with then lender now having gone through the parent company.
My solicitor is a head of the game and is waiting to start the searches.

AdrianC

Kopkings84 wrote: »

Was just looking for advice from past users of these type of credit companies. The broker won't say anything just that it takes time with these companies.

There's your answer, then. Nobody can say for sure - it takes time for them to decide.

Anyway they have taken there survey/ valuation fee this morning.

AiP means that they don't have a conceptual problem with lending you the money, based on what they know about you at the moment. We've had a thread here in the last few days where new credit information was found later and the full application withdrawn off that.

However, the most likely cause of a problem is that the lender won't like the property you want to buy, and won't think it suitable security for the loan.

Brightspark87

Hi just to say we had a few issues with our credit report - easily got a Halifax DIP and full mortgage without further underwriting!

Kopkings84

Ok just a little update, the valuation is booked for Friday so it's looks like it is going into its 4th week now