What are the chances of getting a mortgage?

Question

If an old debt catches up with you since you have had an agreement in principle arranged with the lender?

Answer 1

how old? - wouldn;t it have been on credit report already? if it's more than 7.5 yrs old, it shouldn't appear and I wouldn;t worry about it

Answer 2

All an agreement in principal means is that they have looked at your circumstances an seen that you can afford a mortgage.  They havent gone into any great detail yet so you may not get a mortgage now.  Also, it is getting harder and harder to get a mortgage with perfect credit history anyway so you may have to look further afield than the high street banks.

Answer 3

Surely their credit management team has checked your credit rating if they have agreed in principle. If not the only other thing would be to pay off the old debt so that it is marked as paid on your credit file.In these days the credit checking seems to be more stringent. Hope this helps.

Answer 4

Hello Anon,

at the moment AIP's are not really worth the paper they are written on and there is no guarantee that the old debt will not catch up wuth you. Bear in mind though that a debt in itself will not hurt you - just an unpaid one. Make sure that your broker has spelled your name correctly etc. You don't want the bank having to "re-score" you for any reason.