Mortgage in Principle - can we relax a bit now?

[FuckingHateRats]

We're buying the house we live in, off my mum who is gifting us part of the house value.

On Tuesday our mortgage broker notified us that we have a mortgage in principle offer from Nationwide.

I'm still mega stressing that they could pull it - this is our first mortgage and we know it's an unusual deal.

Does anyone know how often lenders offer a mortgage in principle and then decline?

Mortgage In Principle is just that - if they can evidence all of the information that you have provided, subject to valuation of the property you will get a mortgage offer.

So if you can't evidence something, eg. Payslips, bank statement etc or if something turns out to be different eg. you've got credit cards you haven't already mentioned, then it could be withdrawn.

We've already submitted evidence of all those things, so that's reassuring. Thanks!

You want the mortgage to be offered as soon as possible

Has the valuation been done yet?

The valuation was ordered on the 9th but they haven't decide if they need to do an in-person valuation or if a desktop valuation will be sufficient.

I had a MIP of £190k, put the bid in, was accepted but then the bank would only lend £168. Thankfully I had the shortfall!

You can breathe once the offer has been sent to you. It's such a stressful part of buying but the offer should come through once the valuation has been done.

Offer is in! Thank goodness. We can all breathe easier now.

🥳 Yay.