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loan agreed in principle
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What are the odds of it going horribly wrong after getting the loan agreement in principle. I am on tender hooks here waiting for a decision which apparently will take up to a week to make. My only experience of underwriters was for my mortgage and that was a horrific prolonged experience! (we made it through though!) They did not ask for any futher details from us such as bank statements or utility bills just asked us to sign the paperwork and the direct debit mandate and said they will be in touch in a week. Is this a good sign? I am nervous!
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Underwriters are paid to protect the lenders assets. It's not possible to predict outcomes, there are hundreds of variables and hundreds of different factors that can cause a decline.
We arrange secured loans and can safely say the percentage of declined applications is much greater than this time last year. One guy got declined for a £10,000 secured loan despite him having £100,000 equity.
The bottom is that people must ensure they stay credit worthy now, the days of easy borrowing are gone.
People who do not borrow are generaly much happer people long term, so if you do get declined see it as positive!0
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