Decision in Principle

tain

kingstreet wrote: »

L&C don't do an agreement in principle until you have an accepted offer on a property.

This is because it takes work and they know a high percentage will be picked off by lenders, other brokers and more often than not by estate agencies if they do them too early.

They therefore send people out thinking they have an agreement in principle (like Nationwide or Santander's fully credit-scored version on which you can pretty much rely) when in fact all they have is a basic affordability calculation.

Each to their own, but that is not how we roll...

This is exactly what I thought, that it wasn't worth the paper it was written on. I thought I would be asked about pensions, travel expenses, etc. but wasn't.

kingstreet

To be fair, most lenders aren't interested in such things.

Have a look at the lender calculators on their intermediary sites. Most don't ask about 'normal' expenses. They use ONS figures based on the size of the household. Their interest is in the unusual;-

credit card debt
HP/loans
student loans
ground rent & service charges
maintenance
childcare/school fees.

starM

If the defaults has been removed from your credit report then there is no need to declare to the lender. They will have no way of knowing anyway as its not showing on your credit report. By declaring they might decline your application.

Just don't apply with a lender who you have defaulted previously.

tain

Can anyone recommend a trusted broker who can offer a reliable mortgage in principle?

kingstreet

starM wrote: »

If the defaults has been removed from your credit report then there is no need to declare to the lender. They will have no way of knowing anyway as its not showing on your credit report. By declaring they might decline your application.

Just don't apply with a lender who you have defaulted previously.

You answer the question honestly.

If the question is "have you ever...?" you don't answer no unless you are instructed to do so, by Halifax for example, if the adverse was registered more than six years ago.