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Posted: Tue May 27, 2014 10:34 am
by blobby
Hi we are applying for a mortgage through equity finance, with Magellan homeloans. Does anyone know how long the decision takes once the paperwork is with the lender, and also what happens?? Thanks
Posted: Tue May 27, 2014 11:21 am
by Michael Peoples
The lender will normally provide an agreement in principle and they will know about the IVA. However you will still need to provide proof of income etc and the property will need to pass the valuation before an offer can be made.
Drop Shauin Vickery from Equity an email and I am sure he will be able to give you an update. His details are in the ask a question section.
Posted: Tue May 27, 2014 4:58 pm
by blobby
We have an agreement in principle and have sent off all the actual forms and documents. What is the usual timescales before we hear anything? The broker has been very good and is trying to rush it but I'm desperate to know for a number of reasons!
Is it likely we will be ok as we have an agreement in principle?
Posted: Tue May 27, 2014 8:46 pm
by luluj
An agreement in principle does not mean it will be given the nod ... A number of factors will be taken into account before aporoval given.
Have a chat with Shaun direct as suggested. There is also Ryan who is another forum expert in mortgages ... Both have experience of helping forum members
Posted: Tue May 27, 2014 9:14 pm
by blobby
What factors are they do you know?
I will contact Shaun... The reason we are wanting an answer this week is that we are hopefully relocating and need to sort lots out.
Such stressful times.