Just applied with GE money for mortgage...what do they do now???

Puma21_2

Dear all,

I wonder if anyone could help me out. I have just signed paperwork from GE money for a £176k mortgage. I had recieved an offer in principle but wonder what they need to check now? I have adverse credit on my file but can see that they did a credit check prior to offering me an offer in principal...just really really worried they will say no now.

My broker seems confident that we should not have any problems but just wondered what your experiance was.

Thank you for your help.

Realist

I currently use GE Money due to circumstances and so far for the last 8 months I have had no problems with them whats so ever.

The initial application was fast and the offer was all done and dusted within 3 weeks.

You should have no worries and my fingers are crossed for you.

Regards.

Puma21_2

Thank you for that. I know it may sound silly but we have had so many problems with the mortgage I am just really worried about the whole lot!!

So what do they do now with our application form? Do they do more credit checks even though they did one when they gave us an offer in principal?

Realist

Dont know M8. I would not worry to much and wait for your advisor to contact you.

Regards.

UK007BullDog

They will do more checks. Its part of the underwriters job to ensure you are the "right" risk and that all your docs are OK. If your adviser said that you have a good chance then do not worry too much. They can either say yes or no. Sit tight and wait it out.

Puma21_2

Thank you UK007. I have supplied pay slips, ID and new contract of employment. My broker has advised a decison between 1 & 2 weeks. When you say all documents are ok what do you mean? I was told that the offer in principal was a good step?

UK007BullDog

The lender can always pull out. Nothing is 100% guaranteed until exchange. But usually once you get the offer letter from the lender it is usually 99.9% ok.

Puma21_2

So the offer in principal is a good sign?

UK007BullDog

Yes, and now they check and go a little deeper and they might ask for more info. Then OK the case and send you an offer letter.

The principal offer was only an ok sign for the broker to find the right lender and the lender gave an initial OK.

I am sure the broker knows what they are doing so hang in there. Ask the broker for regular updates.

Puma21_2

Ok cool. As like most people I'm sure, I do go a little overdrawn on my agreed overdraft sometimes but always correct it within days.

My income has just increased to £40k and my girlfriend earns about £20k per year with a perfect credit history. Are GE likely to be leanient with me for going overdrawn sometimes in light of my new recent wage and my girlfriends wage too??

Looking for someone to say..." Don't worry dude" but I know thats not possible but looking for some positive thoughts.

Thank you for your help.

Puma21_2

Any ideas anyone?