"Soft" mortgage in principle - is it definitely good enough?

hazyjo

As above really, but to put it simply, just because you meet their criteria doesn't mean the property will. They will need to do a valuation of that property before deciding how much they are willing to lend you.

Plus soft checks don't ask for as detailed info as an actual application.

AnxiousFTB

It also depends on the products available at the time of completing the full mortgage application, for example 10% deposit products are fluctuating due to Covid. Head over to the mortgage MSE board, there are mortgage advisors who post on there who give helpful advice. 

Young_Turk

hazyjo said:

As above really, but to put it simply, just because you meet their criteria doesn't mean the property will. They will need to do a valuation of that property before deciding how much they are willing to lend you.

Plus soft checks don't ask for as detailed info as an actual application.

There is a step in between the AIP and the valuation. I had an AIP with HSBC. I made a full application (gave a bit of info about service charge and council tax) and they told me they would lend me a bit less than AIP (I don't remember as it was years ago, but about 10-15k less). It was only £100 per month service charge (typical) and £50 per month council tax (low). I applied to another lender (who didn't seem to base their AIP on zero service charge), and they lent me the full amount.
I expect, prior to valuation, they will confirm they will lend the full amount, but they may reduce it slightly if service charge and council tax are high.

iwb100

Young_Turk said:

hazyjo said:

As above really, but to put it simply, just because you meet their criteria doesn't mean the property will. They will need to do a valuation of that property before deciding how much they are willing to lend you.

Plus soft checks don't ask for as detailed info as an actual application.

There is a step in between the AIP and the valuation. I had an AIP with HSBC. I made a full application (gave a bit of info about service charge and council tax) and they told me they would lend me a bit less than AIP (I don't remember as it was years ago, but about 10-15k less). It was only £100 per month service charge (typical) and £50 per month council tax (low). I applied to another lender (who didn't seem to base their AIP on zero service charge), and they lent me the full amount.
I expect, prior to valuation, they will confirm they will lend the full amount, but they may reduce it slightly if service charge and council tax are high.

You can’t do a full application till you have a property to value. Some lenders will do a more rigorous AiP with affordability questions. But regardless when it goes to full application the underwriters can request any information from you.

My first mortgage required loads as they did full affordability and scrutinised bank statements and credit cards etc...

Last mortgage I did a few months back - needed only payslips and Id. That was it.

csgohan4

iwb100 said:

Young_Turk said:

hazyjo said:

As above really, but to put it simply, just because you meet their criteria doesn't mean the property will. They will need to do a valuation of that property before deciding how much they are willing to lend you.

Plus soft checks don't ask for as detailed info as an actual application.

There is a step in between the AIP and the valuation. I had an AIP with HSBC. I made a full application (gave a bit of info about service charge and council tax) and they told me they would lend me a bit less than AIP (I don't remember as it was years ago, but about 10-15k less). It was only £100 per month service charge (typical) and £50 per month council tax (low). I applied to another lender (who didn't seem to base their AIP on zero service charge), and they lent me the full amount.
I expect, prior to valuation, they will confirm they will lend the full amount, but they may reduce it slightly if service charge and council tax are high.

You can’t do a full application till you have a property to value. Some lenders will do a more rigorous AiP with affordability questions. But regardless when it goes to full application the underwriters can request any information from you.

My first mortgage required loads as they did full affordability and scrutinised bank statements and credit cards etc...

Last mortgage I did a few months back - needed only payslips and Id. That was it.

That's just it, they cherry pick the easy cases and anything out of the norm, they put you on the back burner. You also get what you pay for for their service.

I would rather go direct with a lender than use L+C thank you very much

https://forums.moneysavingexpert.com/discussion/6159005/l-c-mortgages/p1

plenty of other threads on their poor quality on here too

I used a free broker and I too submitted my pay slips and job done. Doubt L+C would do this well with self employed 

iwb100

csgohan4 said:

iwb100 said:

Young_Turk said:

hazyjo said:

As above really, but to put it simply, just because you meet their criteria doesn't mean the property will. They will need to do a valuation of that property before deciding how much they are willing to lend you.

Plus soft checks don't ask for as detailed info as an actual application.

There is a step in between the AIP and the valuation. I had an AIP with HSBC. I made a full application (gave a bit of info about service charge and council tax) and they told me they would lend me a bit less than AIP (I don't remember as it was years ago, but about 10-15k less). It was only £100 per month service charge (typical) and £50 per month council tax (low). I applied to another lender (who didn't seem to base their AIP on zero service charge), and they lent me the full amount.
I expect, prior to valuation, they will confirm they will lend the full amount, but they may reduce it slightly if service charge and council tax are high.

You can’t do a full application till you have a property to value. Some lenders will do a more rigorous AiP with affordability questions. But regardless when it goes to full application the underwriters can request any information from you.

My first mortgage required loads as they did full affordability and scrutinised bank statements and credit cards etc...

Last mortgage I did a few months back - needed only payslips and Id. That was it.

That's just it, they cherry pick the easy cases and anything out of the norm, they put you on the back burner. You also get what you pay for for their service.

I would rather go direct with a lender than use L+C thank you very much

https://forums.moneysavingexpert.com/discussion/6159005/l-c-mortgages/p1

plenty of other threads on their poor quality on here too

I used a free broker and I too submitted my pay slips and job done. Doubt L+C would do this well with self employed 

What? My post wasn’t about L&C. They are a free broker too. My experience with them has been excellent. But whether you use a broker or not you may do a very quick AiP and then in full application be asked for a lot more information.

csgohan4

iwb100 said:

csgohan4 said:

iwb100 said:

Young_Turk said:

hazyjo said:

As above really, but to put it simply, just because you meet their criteria doesn't mean the property will. They will need to do a valuation of that property before deciding how much they are willing to lend you.

Plus soft checks don't ask for as detailed info as an actual application.

There is a step in between the AIP and the valuation. I had an AIP with HSBC. I made a full application (gave a bit of info about service charge and council tax) and they told me they would lend me a bit less than AIP (I don't remember as it was years ago, but about 10-15k less). It was only £100 per month service charge (typical) and £50 per month council tax (low). I applied to another lender (who didn't seem to base their AIP on zero service charge), and they lent me the full amount.
I expect, prior to valuation, they will confirm they will lend the full amount, but they may reduce it slightly if service charge and council tax are high.

You can’t do a full application till you have a property to value. Some lenders will do a more rigorous AiP with affordability questions. But regardless when it goes to full application the underwriters can request any information from you.

My first mortgage required loads as they did full affordability and scrutinised bank statements and credit cards etc...

Last mortgage I did a few months back - needed only payslips and Id. That was it.

That's just it, they cherry pick the easy cases and anything out of the norm, they put you on the back burner. You also get what you pay for for their service.

I would rather go direct with a lender than use L+C thank you very much

https://forums.moneysavingexpert.com/discussion/6159005/l-c-mortgages/p1

plenty of other threads on their poor quality on here too

I used a free broker and I too submitted my pay slips and job done. Doubt L+C would do this well with self employed 

What? My post wasn’t about L&C. They are a free broker too. My experience with them has been excellent. But whether you use a broker or not you may do a very quick AiP and then in full application be asked for a lot more information.

Just giving the OP, that L+C are not all roses and they have their problems too. Same with the other conveyor belt brokers too. One has to know what their getting their self into. I too tried L+C in the past, wasn't impressed and used a broker on here to great effect. 

your earlier posts suggest MSE recommend them which isn't the case. Promotion and actually being good are different things

hazyjo

Young_Turk said:

hazyjo said:

As above really, but to put it simply, just because you meet their criteria doesn't mean the property will. They will need to do a valuation of that property before deciding how much they are willing to lend you.

Plus soft checks don't ask for as detailed info as an actual application.

There is a step in between the AIP and the valuation. I had an AIP with HSBC. I made a full application (gave a bit of info about service charge and council tax) and they told me they would lend me a bit less than AIP (I don't remember as it was years ago, but about 10-15k less). It was only £100 per month service charge (typical) and £50 per month council tax (low). I applied to another lender (who didn't seem to base their AIP on zero service charge), and they lent me the full amount.
I expect, prior to valuation, they will confirm they will lend the full amount, but they may reduce it slightly if service charge and council tax are high.

Hence my last para - perhaps I should've made it clear the application would come before the valuation and not presumed it would be obvious

iwb100

csgohan4 said:

iwb100 said:

csgohan4 said:

iwb100 said:

Young_Turk said:

hazyjo said:

As above really, but to put it simply, just because you meet their criteria doesn't mean the property will. They will need to do a valuation of that property before deciding how much they are willing to lend you.

Plus soft checks don't ask for as detailed info as an actual application.

There is a step in between the AIP and the valuation. I had an AIP with HSBC. I made a full application (gave a bit of info about service charge and council tax) and they told me they would lend me a bit less than AIP (I don't remember as it was years ago, but about 10-15k less). It was only £100 per month service charge (typical) and £50 per month council tax (low). I applied to another lender (who didn't seem to base their AIP on zero service charge), and they lent me the full amount.
I expect, prior to valuation, they will confirm they will lend the full amount, but they may reduce it slightly if service charge and council tax are high.

You can’t do a full application till you have a property to value. Some lenders will do a more rigorous AiP with affordability questions. But regardless when it goes to full application the underwriters can request any information from you.

My first mortgage required loads as they did full affordability and scrutinised bank statements and credit cards etc...

Last mortgage I did a few months back - needed only payslips and Id. That was it.

That's just it, they cherry pick the easy cases and anything out of the norm, they put you on the back burner. You also get what you pay for for their service.

I would rather go direct with a lender than use L+C thank you very much

https://forums.moneysavingexpert.com/discussion/6159005/l-c-mortgages/p1

plenty of other threads on their poor quality on here too

I used a free broker and I too submitted my pay slips and job done. Doubt L+C would do this well with self employed 

What? My post wasn’t about L&C. They are a free broker too. My experience with them has been excellent. But whether you use a broker or not you may do a very quick AiP and then in full application be asked for a lot more information.

Just giving the OP, that L+C are not all roses and they have their problems too. Same with the other conveyor belt brokers too. One has to know what their getting their self into. I too tried L+C in the past, wasn't impressed and used a broker on here to great effect. 

your earlier posts suggest MSE recommend them which isn't the case. Promotion and actually being good are different things

MSE list them on a list of their top rated brokers. Whether you can that recommending or not. You seem to have an axe to grind. 

csgohan4

iwb100 said:

csgohan4 said:

iwb100 said:

csgohan4 said:

iwb100 said:

Young_Turk said:

hazyjo said:

As above really, but to put it simply, just because you meet their criteria doesn't mean the property will. They will need to do a valuation of that property before deciding how much they are willing to lend you.

Plus soft checks don't ask for as detailed info as an actual application.

There is a step in between the AIP and the valuation. I had an AIP with HSBC. I made a full application (gave a bit of info about service charge and council tax) and they told me they would lend me a bit less than AIP (I don't remember as it was years ago, but about 10-15k less). It was only £100 per month service charge (typical) and £50 per month council tax (low). I applied to another lender (who didn't seem to base their AIP on zero service charge), and they lent me the full amount.
I expect, prior to valuation, they will confirm they will lend the full amount, but they may reduce it slightly if service charge and council tax are high.

You can’t do a full application till you have a property to value. Some lenders will do a more rigorous AiP with affordability questions. But regardless when it goes to full application the underwriters can request any information from you.

My first mortgage required loads as they did full affordability and scrutinised bank statements and credit cards etc...

Last mortgage I did a few months back - needed only payslips and Id. That was it.

That's just it, they cherry pick the easy cases and anything out of the norm, they put you on the back burner. You also get what you pay for for their service.

I would rather go direct with a lender than use L+C thank you very much

https://forums.moneysavingexpert.com/discussion/6159005/l-c-mortgages/p1

plenty of other threads on their poor quality on here too

I used a free broker and I too submitted my pay slips and job done. Doubt L+C would do this well with self employed 

What? My post wasn’t about L&C. They are a free broker too. My experience with them has been excellent. But whether you use a broker or not you may do a very quick AiP and then in full application be asked for a lot more information.

Just giving the OP, that L+C are not all roses and they have their problems too. Same with the other conveyor belt brokers too. One has to know what their getting their self into. I too tried L+C in the past, wasn't impressed and used a broker on here to great effect. 

your earlier posts suggest MSE recommend them which isn't the case. Promotion and actually being good are different things

MSE list them on a list of their top rated brokers. Whether you can that recommending or not. You seem to have an axe to grind. 

Nope, just letting OP know L+C are not the next best thing since sliced bread, since you were only one to mention it earlier on. Nothing wrong with giving opinions is there?

As I said plenty of L+C threads on here and their service standards. Just because they advertise on MSE, doesn't mean their good. OP must take a more informed look at them before they use them. 

https://forums.moneysavingexpert.com/discussion/5786550/london-country-l-c/p1