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Morgage illustration
pma13
Posts: 134 Forumite
Hi
I feel very stupid. My morgage advisor told me I had a decision in principle. Anyway I've been looking at properties and found one and because a no. Of offers are in the estate agents have asked for firm offers ie offer and copy of decision in principle and proof of deposit if applicable . Anyway my morgage advisor on leave until tomorrow but offers supposed to be in today. I've now gone on to my email to look at previously sent decision in principle and it actually says "morgage illustration " . So is this the same thing?
I feel very stupid. My morgage advisor told me I had a decision in principle. Anyway I've been looking at properties and found one and because a no. Of offers are in the estate agents have asked for firm offers ie offer and copy of decision in principle and proof of deposit if applicable . Anyway my morgage advisor on leave until tomorrow but offers supposed to be in today. I've now gone on to my email to look at previously sent decision in principle and it actually says "morgage illustration " . So is this the same thing?
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Comments
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No.
An illustration is a quote.
A decision in principle usually involves details being entered on to the lenders system and (usually) a credit check being carried out.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Iam confused now as he told me over the phone that I had had a credit check abd it was with natwest0
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When you told the broker you were confused, what did he say?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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You may have had a credit check carried out. If you get a copy of your credit report you may see a search from natwest on there.
Your question was is a Decision in principle the same as an illustration, which it isnt.
You need to really speak to your broker, as only they know where they are up to. Every broker has their own way of working. Personally I would not send an illustration until you had found a property as rates can change daily.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
OK the situation is probably complicated because my involvement with him was due to putting an offer in on another house so the no.s provided were fir that particular house. He's back in tomorrow so hopefully can sort things0
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