how often do mortgages get declined after decision in principal?

f1slikki

Hi there,

I have a DIP with Abbey & my full application has been sent to them last week so I am playing the waiting game, I am a FTB therefore do not know what the time scales or process for the mortgage is, I am led to believe that the application is just really to check my proof of income, etc and that if this is in accordance to what I have stated then everything should be fine. would like any advice with either people who have dealt with Abbey or are currently awaiting their formal mortgage offer, My credit rating is average (I think), had a few missed payments in the past but nothing currently defaulted or missed on my credit file, do you think my DIP is based on Abbey already having checked my credit file or will this now be carried out during the full application?
How long does it normally take to hear anything back & as I have gone through a broker would Abbey contact my broker or myself direct?

many thanks for any help you guys could give as reading above you will know that I aint got a clue with this stuff..:rotfl:

UK007BullDog

They will contact the broker if they need more info.

The DIP was a credit check (light or hard footprint) and now the underwriter is looking at it properly and will highly likely do another credit check and then offer the mortgage to you, or not depending on your credit record.

Do not apply for any other credit until the house purchase has completed.

f1slikki

hi there thanks for getting back to me, yeah not planning on trying for any other credit until the mortgage has been completed & I have moved into property just to be on the safe side.

Can I also ask why an initial credit check is done & then when the u/writer looks at it they then do a 2nd, is it just to ensure same info as the 1st search in case of any changes or extra finance taken out or is there another reson for this?
many thanks

Gloster_Advise

Hi f1slikki.

The credit check is for them to score you. I have known binding decisions to be agreed then declined once it gets to the lender.

Abbey are very busy at the moment but their turnaround times aren't that bad.

As bulldog said don't any further credit scoring.

Regards
Si

herbiesjp

Abbey normally do all their checking prior to doing the valuation.

So if the valuation has been done/instructed, then you should just be crossing your fingers the survey comes back ok for Abbey to issue the formal mortgage offer letter

Gloster_Advise

Herbiesjp,

A very valid point.

Si

f1slikki

hi there,
Thanks for everyones help & advice, I have applied my full application but nothing has been done or even mentioned in relation to the survey as yet, will just need to sit tight and see whats happens,

many thanks again.