When will I know if my mortgage has been approved??

minimike2

I wouldnt worry about it.

Of course your bank suggested that.....they want to get a sale out of you and dont care about the consequences. The fact that an overdraft doesnt have a contractual monthly payment and a loan does probably didnt even enter the mind of the member of staff at the bank. They were only thinking of thier bonus and/or the shoeing thier manager was going to give them if they didnt hit thier sales target for the week!

Just a thought, but if you passed the credit score for a loan at your bank it seems odd that you would need to borrow from GE......unless the loan was "risk based pricing" did you get a copy of your credit file before you started looking for a mortgage?

It might well be GE are the only ones that can lend to you if you have a poor credit history, due to the high loan to value, but im just suprised you passed the banks score for a loan if this is the case. (Dont mean to sound rude!!)

Puma21_2

Ha ha!!! Very good point well made!

So don't worry about the loan credit search? No need to tell GE?

minimike2

Just give them what they ask for - as long as you give them the honest answers to all the questions that they ask then thats your obligations met.

Puma21_2

Sorry Mike I did not see the end of your reply.

Yeah it does seem strange. My credit file from Experian does not look pretty. Several defaults, the youngest one about 18 months ago. My broker said that because of the 95% and the last default GE would be the only company.

Kennsignton wanted 3 years since last default. My thoughts are to hopefully if it all works out ok, to try to weather the 7.99% for 2 years and then look around for better rates?

minimike2

Might just be the bank were happy to lend based on your bank account, or maybe if it was a small loan.

Puma21_2

Hi Mike,

Just to update you...First National have done a full credit check today and have taken the valuation fee from my bank...is this a good sign?

Thank you for all your help.

minimike2

Yeah this is always good news.

Until you have your mortgage offer you never know for defianate as they still might find something, but if they have done the full check and are happy then things are looking good.

Puma21_2

Cool. I take it they would not do the valuation if they were not happy with the credit check?

Still really nervous!