hi
i am buying a house and have an agreement in principle. we are awaiting the offer which can take weeks i understand howevr i am getting nervous.
valuation being done nd new build so should be no problems with that. has anyone come across a scenario where a decision in principle has become a decline? my ifa ha advised credit checks have been done etc, can anything else go wrong?

thanks
jenny

Yes, it can become a Decline, but this is rare. If your circumstances are still the same (same job, same wage, got good credit references), and the property you are buying is judged a reasonable investment (based on Surveyor's valuation, and correct paperwork being in place), then you should be fine.

Ary.

As this is a new build there is a lot less liklihood of things going wrong against the agreement in principle. Things can go wrong but worry about those if and when they happen. Things should all work out okay - initially stuff takes time but you seem well on the way.

You could still be declined, but this is rare. If the credit checks have already been done then you should be fine, it then just comes down to the value and condition of the property. If there is a problem with the property, they normally offer you a lower amount, and you should take their advice and adjust your offer accordingly.

I have seen Mortgage offers withdrawn the day before Completion. Even though exchange has occured, the mortgage company can still pull their offer if they get a whiff of something dodgy.

In one particular case, 35 offers were withdrawn, all at different stages. This was due to the IFA who introduced all the cases being arrested for criminal dealings. In one case, the offer was withdrawn the evening before completion day. The IFA had verified income of applicant to be £50,000 per annum. The truth was she was a single mum with four kids and had no job, her only income was her state benefits. She wanted a £200,00 flat as an investment! LOL