AIP and 'formal AIP'
Herbieb
Posts: 18 Forumite
Hi everyone,
Just wanted a bit of clarity on something. A few weeks ago, I applied for a mortgage with CMME. Based on my gross contracting income, Halifax were selected and offered me an AIP of £500k (far above what I went with). I have a LTV of 90% and am putting £30k down as deposit.
I found a house, put an offer in, it was accepted and I proceeded with my broker at CMME. Since then, I have provided my Experian report and have been told that a 'formal AIP' has been offered - how does this differ to the original AIP?
I've since submitted my full application (inc examples of payslips for both myself and the business) and Halifax have arranged a valuation on the house this friday. I've checked the Experian report and HBOS and halifax have both taken a look - had one generic check and two with "mortgage quotation".
What else is there left to do?
Thanks so much
Just wanted a bit of clarity on something. A few weeks ago, I applied for a mortgage with CMME. Based on my gross contracting income, Halifax were selected and offered me an AIP of £500k (far above what I went with). I have a LTV of 90% and am putting £30k down as deposit.
I found a house, put an offer in, it was accepted and I proceeded with my broker at CMME. Since then, I have provided my Experian report and have been told that a 'formal AIP' has been offered - how does this differ to the original AIP?
I've since submitted my full application (inc examples of payslips for both myself and the business) and Halifax have arranged a valuation on the house this friday. I've checked the Experian report and HBOS and halifax have both taken a look - had one generic check and two with "mortgage quotation".
What else is there left to do?
Thanks so much
0
Comments
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Halifax AIP, or Mortgage Promise, as they call it is the weakest AIP in the business.
I suspect thats what your advisor is calling the AIP.
A further credit check is done at the start of the full application which must be what your Advisor is calling the formal AIP, which is the same as most lenders AIP.
Sounds like you passed both credit checks now just have the underwriting process to go through.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Halifax AIP, or Mortgage Promise, as they call it is the weakest AIP in the business.
I suspect thats what your advisor is calling the AIP.
A further credit check is done at the start of the full application which must be what your Advisor is calling the formal AIP, which is the same as most lenders AIP.
Sounds like you passed both credit checks now just have the underwriting process to go through.
Thank you very much.
I've only had soft searches on my credit report since the application was submitted - two 'mortgage quotation' searches from HBOS.
Do you know how long the case is normally with the underwriters? We have a valuation on Friday.
Thanks0 -
That's a question for your broker, its going to depend on the difficulty of your case and how much the have to assess to make a decision.
Good LuckI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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