How common is it for mortages to be declined when you have an agreement in principle?

plainandsimple

We are with a broker and have an AIP. Submitted an offer on a house and it was accepted. Now we're worrying our socks off that the the mortgage will be declined. How common is this when you have an AIP? The mortgage product is with Leeds Building Society.

amnblog

Rare would be the accurate response.

Thrugelmir

plainandsimple wrote: »

Now we're worrying our socks off that the the mortgage will be declined.

What aspect of your personal circumstances is a concern?

plainandsimple

@Thrugalmir nothing in particular. No bad debt and mortgage is under what we've been told we could apply for when we got the AIP. Deposit is in our current account and the balance has increased gradually, but I guess this is somehow a worry that it's just from decreasing our spending and not from a savings account. Not really sure, I guess just generally concerned that it could happen and not being aware of how often it actually does happen.

Beth711

Hi Plainandsimple i!!!8217;m feeling exactly the same we completed out full application on Wednesday and i!!!8217;m really worried but also for no apparent reason. Our mortgage advisor says we have no reason to be concerned but I just want it all to go to plan.
When did you apply?

Thrugelmir

plainandsimple wrote: »

@Thrugalmir nothing in particular. No bad debt and mortgage is under what we've been told we could apply for when we got the AIP. Deposit is in our current account and the balance has increased gradually, but I guess this is somehow a worry that it's just from decreasing our spending and not from a savings account. Not really sure, I guess just generally concerned that it could happen and not being aware of how often it actually does happen.

Then relax. Don't stress youself out unneccessarily. Vast majority of mortgage applications seamlessly get approved.

System

If your using a good broker they should know which mortgages you're likely to be offered based on your circumstances.

We've just got a mortgage with Leeds through a broker and it took 2 weeks from submitting a full application to getting the offer in the post.

plainandsimple

@beth711 was only Friday we applied. Hope everything goes well for you.

Noobie2011

Been through the mill we have but have just got an AIP and a full application hard search approved too with Halifax bit we are still nervous it could all go wrong but our advisor said we shoukd be fine at this stage aslong as things like payslips check put and the valuation

Mortgage_Adviser

I would say 10% would get declined (Or offered less) as a rul of thumb with the most common reason being valuation is not coming back as expected.