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  • FIRST POST
    • hufc2002
    • By hufc2002 16th Mar 17, 1:43 PM
    • 240Posts
    • 24Thanks
    hufc2002
    Where to get a DIP/AIP from?
    • #1
    • 16th Mar 17, 1:43 PM
    Where to get a DIP/AIP from? 16th Mar 17 at 1:43 PM
    Hi all


    Where do I go to get a DIP/AIP?


    Our house is getting valued in the next few weeks with a view of it going on the market depending on the valuation etc.


    We will be looking at properties in the £165k region with a 10% deposit.


    Wife is keen to get ours on the market to enable us to be in a better position for offering on properties as we are looking at a very particular area to buy and properties don't come up for sale often.


    My worry is whether or not we will be approved for a mortgage therefore I would be keen to have a DIP/AIP in place sooner rather than later.


    Where should I go for this and will these affect credit files or are these soft searches? We bank with Lloyds however there rates aren't great.


    Financial Scenario is as follows:


    Combined salary of £62.5k
    Wife Car Loan - £178 per month (23 months remaining)
    My Car PC - £389 per month (28 months remaining)
    Wife CC Balance - £2.5k
    My CC Balance - £0
    Childcare Costs - circa £680 per month (however we both receive maximum amount of childcare vouchers £243 each per month therefore £194 paid via cash). These costs will reduce dramatically with effect from Easter 2018 with the provision of 30 free hours).


    Advice please.


    Thanks
Page 1
    • anto164
    • By anto164 16th Mar 17, 2:03 PM
    • 115 Posts
    • 55 Thanks
    anto164
    • #2
    • 16th Mar 17, 2:03 PM
    • #2
    • 16th Mar 17, 2:03 PM
    Just get one online from Halifax. Then when you're ready, go via a broker and get a better deal.

    http://www.halifax.co.uk/mortgages/mortgage-information/mortgage-promise/
    • kilby_007
    • By kilby_007 16th Mar 17, 2:17 PM
    • 732 Posts
    • 490 Thanks
    kilby_007
    • #3
    • 16th Mar 17, 2:17 PM
    • #3
    • 16th Mar 17, 2:17 PM
    Just get one online from Halifax. Then when you're ready, go via a broker and get a better deal.

    http://www.halifax.co.uk/mortgages/mortgage-information/mortgage-promise/
    Originally posted by anto164
    I do the same but with first direct. I find you don't need to jump through many hoops to get the AIP. It says it's "just an illustration" rather than a mortgage in principle, but I've used the same one with 3 different EAs and none of them queried it.

    I did use Tesco once but you have to go through a quite lengthy pre-application with credit checks etc before they give you the AIP.
    • tacticalbanjo
    • By tacticalbanjo 16th Mar 17, 2:26 PM
    • 13 Posts
    • 17 Thanks
    tacticalbanjo
    • #4
    • 16th Mar 17, 2:26 PM
    • #4
    • 16th Mar 17, 2:26 PM
    If I were you I'd speak to a broker before you start. There is no need for an AIP if you have a broker really. The broker should have a good idea about what you would be approved for and will be able to speak to estate agents on your behalf to assure them you will be able to afford your chosen property.

    An AIP isn't really worth the paper its printed on. They don't do a full credit check so you can never tell until the full application goes in whether you will be approved or not.

    My broker has been worth his weight in gold and I've been much happier than with my first mortgage which I did via direct application.
    • strawberries1
    • By strawberries1 16th Mar 17, 2:29 PM
    • 608 Posts
    • 135 Thanks
    strawberries1
    • #5
    • 16th Mar 17, 2:29 PM
    • #5
    • 16th Mar 17, 2:29 PM
    Or get one from L&C.
    • hufc2002
    • By hufc2002 16th Mar 17, 2:31 PM
    • 240 Posts
    • 24 Thanks
    hufc2002
    • #6
    • 16th Mar 17, 2:31 PM
    • #6
    • 16th Mar 17, 2:31 PM
    If I were you I'd speak to a broker before you start. There is no need for an AIP if you have a broker really. The broker should have a good idea about what you would be approved for and will be able to speak to estate agents on your behalf to assure them you will be able to afford your chosen property.

    An AIP isn't really worth the paper its printed on. They don't do a full credit check so you can never tell until the full application goes in whether you will be approved or not.

    My broker has been worth his weight in gold and I've been much happier than with my first mortgage which I did via direct application.
    Originally posted by tacticalbanjo

    Does this come at a cost though?
    • tacticalbanjo
    • By tacticalbanjo 16th Mar 17, 2:43 PM
    • 13 Posts
    • 17 Thanks
    tacticalbanjo
    • #7
    • 16th Mar 17, 2:43 PM
    • #7
    • 16th Mar 17, 2:43 PM
    My broker is costing just shy of £300 (payment was only due when we actually applied for a mortgage) but the mortgage deal they've found came with cash back of £250 so its costing just under £50. Even at £300 though I would use his services again because he's made the process much less of a worry than it was last time even though I'm borrowing much more.
    • jlaw4
    • By jlaw4 17th Mar 17, 10:44 AM
    • 95 Posts
    • 56 Thanks
    jlaw4
    • #8
    • 17th Mar 17, 10:44 AM
    • #8
    • 17th Mar 17, 10:44 AM
    You could always try and find a fee free mortgage broker... after a bit of searching on google i managed to find one, and like Tacticalbanjo, hes been worth his weight in gold, even going so far as going in on a sunday to get my AIP as EA in my area won't entertain offers without it, but has also offered to speak directly to the EA which isn't a normal service for him. If you want the best rates and not to do too many AIPs, id recommend getting a broker
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