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Online Mortgage in Principle offer accuracy?
shopaholicno1
Posts: 133 Forumite
Just did an online mortgage offer in principle with Lloyds. It's come out a lot lower than expected. Differs quite a bit to their online calculator too.
Anyone had experience of what they were actually offered upon proceeding, and if it was roughly similar or quite different to the offer in principle?
Anyone had experience of what they were actually offered upon proceeding, and if it was roughly similar or quite different to the offer in principle?
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Comments
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They are as accurate as the information put in, as are the affordability calculators. It is also only a soft footprint.
It could be spot on, it could be a million miles out.
If you are relying on overtime/bonuses/tax credits/second jobs and you have debt, then it is more unlikely to be wrong than someone on a flat income with no major debts.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 -
Thanks. So it accesses information on your credit file? My husband was the one who did it, so didn't see the form.
We currently have a 10k debt that's going to be paid off in a couple of weeks, I'm guessing this would be a factor?0 -
Any commitment which is to be repaid on or before completion of the new purchase should be marked as such, then it will not affect new mortgage affordability.
Conversely, if it isn't, it will.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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