Final approval

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crby

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I have recently been offered an apartment for £180000 as i had AIP with First Active in place for £180,000.

Ive paid £3000 booking deposit and have another £2400 to pay for the remainder of the 3% deposit.

Im waiting to set up a meeting with my lender and have the Confirmation to Lender letter etc but im just a bit worried that i wont get the £180000 now due to the current climate.

Although my thoughts are that because im paying a deposit of 3% im really only getting a 97% mortgage.

Can anyone give me a heads up as to whether ill get what i was provisionally approved for?

Cheers guys
 
Hi crby,
Not wanting to appear too negative, I woudn't hold my breath. I was offered AIP of 255....my final approval was 232, both AIP and final offer from the same lender.

Plus you will only secure a 97% mortgage based on an LTV of 80% from all lenders approved by the AH scheme....in english this means to get the full 180K you're lender must value the property at 225k or more.

Also, I was advised by my broker to stay away from First Active....their rates aren't the best...did you search around or only go to them?

FTB1975
 
Hi there ,

EBS seem to be good ! I have final approval with them at the min , I got pre approval in Jan , you can put the 3% down or not, they will give 100% mortgages on affordable properties . I was approved for 240, the property ended up costing me 184k which was grand so I would say maybe try them ?? You can go direct if you wish and cut out the broker ,

Best Wishes
PG
 
Hi CRBY,
Where did you buy? I got offered one likewise and paid deposit, but EBS origionally gave me AIP for 275k, the affordable price was 220 but the market value was 235k so when EBS found out they wouldnt touch me with barge pole so now im attempting shared ownership. Hopefully it will be possible though.
 
Smashbox....im just too used to using the £ sign for work!

Anyway guys cheers for the heads up, ill let you know how i get on :)
 
FTB1975 said:
Hi crby,
Not wanting to appear too negative, I woudn't hold my breath. I was offered AIP of 255....my final approval was 232, both AIP and final offer from the same lender.

Plus you will only secure a 97% mortgage based on an LTV of 80% from all lenders approved by the AH scheme....in english this means to get the full 180K you're lender must value the property at 225k or more.

Also, I was advised by my broker to stay away from First Active....their rates aren't the best...did you search around or only go to them?

FTB1975
Click to expand...

Hey FTB1975,

Ive applied with EBS now too,as the early signs from First Active were that they are very slow and now ive heard a few bad things about them. Just waiting to hear back if ive been approved or not..had a chat with the girl in EBS and if im approved ill defo get the 180 so thats a load of my mind,just the 3% deposit that ill be putting down.

The council were looking for a quick sale though,but hopefully they give me an extra few weeks to get everything sorted!
 
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