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Mortgage decision in Principle...

Last post Mon, Apr 30 2007, 9:37 PM by Louise Cuming. 3 replies.
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  •  Mon, Apr 30 2007, 9:37 PM

    Re: Mortgage decision in Principle...

    Good evening to you - where has the day gone!

    Adrian is right - a 'decision in principle' usually involves a credit check - and if you have passed that hurdle, I feel your application will be fine.

    Believe it or not, a £60,000 mortgage is small in todays terms - and given the fact that you are putting up £140,000 equity and so are risking much more than the Lender, you will probably qualify for a 'fast track' service offered by many major Lenders where the risk is assessed as low.

    Well done for working so hard to get back on track with your credit - and it does seem as if it has paid off.

    Louise
    • Post Points: 5
  •  Mon, Apr 30 2007, 7:23 PM

    Re: Mortgage decision in Principle...

    Sounds as if either or both

    a) you have been put forward for a self-certified mortgage and/or

    b) the mortgage application has not gone through the credit checking stage. The fact that it is a decision in principle supports that guess

    I wouldn't worry too much about the credit check: if you have worked as hard as you say to restore your credit you should be fine.

    Cheers,

    Nic

    • Post Points: 5
  •  Mon, Apr 30 2007, 7:16 PM

    Re: Mortgage decision in Principle...

    I reckon it sounds OK - if credit rating is you are worried about that would crop up at one of these two hurdles.

    The first is the YES/No stage.

    the second stage is the level of referencing they need for you.

    £138,000 depoist speaks volumes, but it sounds like you've been doing the right things to help yourself.

     
    Adrian.

     

     

     

    • Post Points: 5
  •  Mon, Apr 30 2007, 11:07 AM

    Mortgage decision in Principle...

    Morning,

    I have just applied for a mortgage of 62,000 on a property that is in my name with no mortgage on it, the property is worth about 200k, the decison in principle was yes, and when the financial advisor  processed the details online it was accepted, however he asked me what i earn but  never asked for proof of income he said it was accepted on fast track, i cant quite belive that it is so simple... im waiting for the crash! when will it happen!

    you see my credit was APPALLING! but i have worked hard to restore,paid things on time etc, owe about £1000,maybe slightly less, though the defaults of before probably come back to haunt me! i was married before and a lot of it was to do with my ex husband.... i applied for a phone contract and got it a few months ago and got a credit card at a Normal rate too.!! this made me so so s so happy!! im one of those people who had to have a vanquis card... i have since re married, husband has good job and we have no joint accounts or mortgages etc so im not linked with him financially, well, i guess i am but we have no accounts together,

    do you think that it will be ok?

    any advice would be appreciated

    • Post Points: 50