Abbey questions

Bexter

Re a new Abbey mortgage application, can anyone please tell me if they a) usually do an employers reference (if payslips and salary confirmation letters have been sent to them already?) and b) once an offer is issued, how long is it valid for?

Oh and if anyone can explain this I'd be very interested!! They've issued an AIP nearly 2 weeks ago and the broker has confirmed it with their ref number etc, but a check on my online Equifax and Experian files is not showing any credit search by them at all... I did have a previous mortgage with them but that ended last year. Seems a bit weird..?

galileo

My initial offer from them was valid for 6 months I think, possibly longer. No surprise about lack of credit search as this info is often only updated monthly.

_Andy_

Depending on LTV and credit scoring they may fast-track it, i.e. no emp ref or payslips needed.
Re the offer, usually up to 6 months unless it's a product where it has to complete by a certain date.

ickledee

Bexter - I had my mortgage approved around 3 weeks ago with Abbey, checked at the weekend and no search registered on my credit file either. I havent been asked for any payslips etc

bigcloud72

Are you paid into a bank every month.

The banks already know what you earn - they talk to each other.

They know more about you than you do.

crisam

Bexter wrote: »

......if anyone can explain this I'd be very interested!! They've issued an AIP nearly 2 weeks ago and the broker has confirmed it with their ref number etc, but a check on my online Equifax and Experian files is not showing any credit search by them at all... I did have a previous mortgage with them but that ended last year. Seems a bit weird..?

your application may have been underwritten manually.

manual underwriting (mortgage without credit score) is quite common in U.S.

see bit of info here:
http://www.antishay.com/?p=120

manual underwriting is also being done by lenders who hasn't reached their 'quota' yet and so desperate to sign you up.

and as u also stated, u received AIP only, just in principle, a ‘mortgage promise’ that they can lend u money based on your income, house value, declared loans & monthly expenses (to check if u can still afford to pay them regularly after other commitments). no proper ‘mortgage loan offer’ yet at this point.

but with the credit crunch, application can still be declined even after surveyor's satisfactory report. depends upon tight checking/analysing all required documents submitted (i.e. mortgage payments up-to-date with existing lender; latest bank statement showing how you're managing your money after wage been credited). if not satisfied with documents presented, they might do final credit check/scoring. or if they send u ‘authority form’ to fill-up, they can ask references from your employer, bank, existing mortgage lender, etc. as part of the application process.

an interesting post by someone here whose remortgaging nearly complete, but still got turned down by lender upon careful review of application:
http://forums.moneysavingexpert.com/showthread.html?t=887261

bless her/him, i hope someone knowledgeable would come along there to give advise.

NeilQuinn

You never know with Abbey at the moment. I've got one couple with them, 90% deal and the income is a bit tight as well as lots of debt consolidation...they haven't asked for anything and gone straight to offer in a week.

My other case is 75% and the income isn't an issue, yet they want references & payslips.