From: john boyle 
Newsgroups: uk.finance
Subject: Re: Decision in Principle
Date: Tue, 20 Jan 2004 23:32:10 +0000

In message , Ronald 
Raygun  writes
>Lenders don't give mortgages, borrowers do.
>
10/10

>The decision in principle will have been within certain parameters,
>e.g. "we will lend you up to £x provided this is not more than y%
>of the property value", and will have been based on your
>circumstances.  There will also be a time limit.  It you come back
>3 years later and want to borrow twice the amount, and you've just
>been made redundant, you might be in for some disappointment.
>
>Also, the survey will have to be OK and the valuation will need
>to support your offer.
>

Yes, for a decision in principle the lender generally undertakes a 
credit search and performs a credit score. It doesn't ask for any proof 
of anything, so generally no payslips etc., It usually means, "you seem 
ok on our computer, when you come back and prove that you are who say 
you are, you live where you say you live, and you earn what you said you 
earn with whom you said you worked for, and if you can prove that your 
rent/existing mortgage payments were made on time, and nothing has 
happened to you since you applied and it isn't more than three months 
ago and if you give us a cheque for the valuation, then we'll send a 
valuer round and if everything is still OK, then we will probably lend 
you the money we said we would subject to you having at least the amount 
of deposit you said you had, but we might not.
-- 
John Boyle