shawa

Has anybody here applied for a mortgage since 31st October?

According to the new mortgage regulations, building societies/banks now have to give you a quotation, then a key facts illustration, and finally an offer in principle.

I've been told by EGG, that they can't give me an agreement in principle until I have an offer accepted?!?

Is that standard practice? It wasn't before, at least not in my experience.
I suspect that this will delay things when I find a house...

OllyK

What they can give you is a "mortgage certificate", which is a useless non binding bit of paper that says how much they would lend you on a property if everything was Ok with it. Estate agents love this, and will accept offers on properties based on this document, even if the mortgage covers only a small percentage of the house value as the rest of it is tied up in the equity of your existing property.

I went with the Abbey - no hold ups, all going through quite smoothly so far.

Dream Weaver

Halifax here, no probs so far. Moving next Friday, yippeee!!!

<touch wood>

OllyK

Good luck - fingers crossed we move 3 weeks tomorrow. Got a weeny bit of rennovation work to do on it so it may 7 or 8 months before I get on a PC at home

mart360

This was the crap the abby n had back in the eightys..

my now ex wife and i went in for a chat to get our cert, we were laughed all the way to the door by the w*anker of a manager, who told us to go away and save up a deposit, as they didnt do 100% loans..


we got our mortgage a week later through an independant...

we got 100% with the abby n!!!!!!!!!!


its just another marketing gimmick


M

Dan J

I'm an IFA and do a lot of mortgages and don't worry you can still get AIPs from lenders where they will do a credit score etc and 100% confirm the amount they will lend you subject to survey. It's all fairly similar to how it was before but with a lot more paperwork!! Paperwork is taking over everything!!

Dream Weaver

Cheers, we're in that horrible bit now where it fell through last time.

Contracts signed, but wont be exchanged til next Mon/Tues, completion date next Friday, so half the house is packed up and messy.

If anyone pulls out now, I will personally hunt them down.

Cant really sleep much yet until its all exchanged.