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Agreement in principle - how often do you get refused at full application?

(4 Posts)
Loueytb3 Thu 07-Dec-17 16:49:09

It's so long since I applied for a mortgage that I don't know anymore. We sold our house in the summer, have been renting and have had an offer accepted on another house. Mortgage has been agreed in principle, valuation booked for next week. Assuming there is nothing wrong with the valuation, I am told it will take 2-4 weeks to get a full agreement. But I don't know whether it's common to get turned down at this point? We haven't told the DCs yet that we might be moving to that house (they've seen it but we've deliberately downplayed it).

lalalonglegs Thu 07-Dec-17 17:23:29

Providing that you have given the correct information and the property valuation ties in with the price you are paying, then it should be fine. It does happen but often that is in the context of a bigger economic crisis when banks suddenly start withdrawing mortgages or altering lending criteria.

JoJoSM2 Thu 07-Dec-17 17:36:20

Yes, basically if the info initially provided was accurate, it's more of a formality.

Loueytb3 Thu 07-Dec-17 20:16:01

Thank you. That's comforting. There's no reason why the valuation should be an issue.

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