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So the BS has seen all my bank statements, earnings, ect and are happy with it all.. the house has been valued by them and they are happy with that too.. I've got a meeting on Wednesday to go other the signing up of the mortgage... I've got a feeling they haven't done their "hard search" on me yet as I can't see anything on my credit score.
Is it more than likely plane sailing from here if everything else has been approved to date and does anyone have any experience on how long that "hard search" takes to perform or if I'd know on that day?
Thanks.. piece of string question but I have to fill my time before Wednesday...
It's definitely more thorough than it used to be. When I remortgaged last year with the HSBC they did a thorough review of my account, income vs. outgoings, and despite being £400 overdrawn at the time and carrying a few hundred quid on my credit card they could see that was a temporary cash flow issue and gave me a verbal OK there and then subject to further checks they'd carry out over the next few days. So i'm inclined to think that if there was a problem they would have let you know already.
Dunno but I'm in the same situation. They're not exactly transparent with the process (Nationwide).
They did call the same day of the application with a query about the payslips I sent them, so one can only assume they're fairly happy. Don't think there's anything nasty hiding in my credit history.
Yeah I find it hard not to worry about these things but only because I'm super impatient.
Whens your meeting Flaperon?
I did my application online, so just waiting for the formal offer.
When I did mine (through a broker), my offer in principle was made using with information from credit search, but left no footprint.
If that helps? I was equally as edgy about the whole thing 🙂
Thans Bear - did you ever get a "hard search" on you?
Phnarr.
I expect so, but don't know [i]when[/i] I'm afraid.
All I know is that I was conscious of searches being made when looking at mortgages and the broker explained that during this stage, any searches left no footprints. My preferred loan was one with the Halifax, and he said that was a go-er after this initil search. As I say, I was edgy and asked questions about whether it might throw something up further down the application process, and he basically told me that no, that I was accepted and we just had to go through the usual payslip/proof of deposit/survey stuff.
When this eventually appears on your credit file I don't know, but he was right and aligns pretty much with your situation. So don't stress (yeah, right ! 🙂 )
Let us know when it's sorted!
Nice one bear - thanks for the info - haha I've basically turned into a useless individual as the suspense is killing me! I'll let you know what I find out on Wednesday!
This will be my third mortgage application in 4 years (all with Nationwide) and at no point did the search show on my credit history.
At the moment it's moved on to "Valuation received and under review".
Interesting... what would the reason no hard search would be done? I'd have thought that was a fairly standard part of it?
Dunno. Possibly because applying for lots of unsecured credit implies financial difficulty and so leaves a trace. For a mortgage a bank is more concerned about ability to repay consistently hence the inspection of payslips etc.
I suspect someone applying for a 95% mortgage may be subject to more thorough checks, though.
Text from Nationwide confirming their mortgage offer received this morning - applied on the 23rd Feb so not too bad at all.
Hope your meeting goes well on Wednesday.
Thanks Flaper - really glad to hear you got it mate 🙂 nice speedy turn around! I hope wednesday is the day I get the answer and not the precursor to waiting another 6 days though!
I'll report back when I know more!
Hey Flaper... spoke to the Mortgage advisor today and got a little more info before tomorrows meeting.. he told me to go ahead and agree a solicitor so it sounds like its just signing the offer paperwork tomorrow! Fingers are still crossed but he said I should have no concerns 🙂
😀
This is how empty my life is, but I was thinking about tomorrow being your d-day! Update tomorrow please 🙂
get a life bear! 😛 haven't you got a woman or something?
😀 haha I'll report back with full details on the meeting 😛 I've treat myself to a nice bottle of wine tonight just to settle the nerves!
haven't you got a woman or something
Thankfully, no 🙂
So..... all good! Signed over the finer details of the mortgage, sent up to head office to send back the official underwriters offer.. but in the words of the branch manager it's as good as done as I wouldn't have got to this stage if it wasn't.
Woo ... walked straight into the solicitors with my ID and paid for the property searches ect and got them going!
Now I've just got to work out if I want life insurance, unemployment cover and all other sorts of adult stuff...
First things first though.. insure the house and bikes with pedalcover!
Good stuff. 🙂