What exactly is a packager?

Ditch_Crawler

Pammy wrote: »

The AIP is agreement in principle

Because it can fall through after an AIP. They are going through all our paperwork now, 3 month bank statements, pay slips. We def find the affordability but Im baseing all this and the AIP on the packager.

But now its gone to the lender. I guess my concern is that I'm not sure what the word of the packager actually means.

I guess I'm wrong, but doesn't 'Agreement In Principle' mean that they have checked you out, but they will first have to check the property out before finally committing themselves?

DC

Pammy

Ditch_Crawler wrote: »

I guess I'm wrong, but doesn't 'Agreement In Principle' mean that they have checked you out, but they will first have to check the property out before finally committing themselves?

DC

Well thats just part of it. In my case they looked at my credit file and went through it and said it wasnt an issue as long as we had 25% deposit.
Based on that alone issues an AIP.

Then once a property is found it goes to a formal application. At this point the survey is carried out, references requested for employer, bank statements, payslips and proof of deposit.
They look at all these and make a decision.

Ditch_Crawler

Pammy wrote: »

Well thats just part of it. In my case they looked at my credit file and went through it and said it wasnt an issue as long as we had 25% deposit.
Based on that alone issues an AIP.

Then once a property is found it goes to a formal application. At this point the survey is carried out, references requested for employer, bank statements, payslips and proof of deposit.
They look at all these and make a decision.

So if you have the 25% deposit, and there are no issues with bank/employer etc, then so long as the survey is good, then you have no problem?

Pammy

Ditch_Crawler wrote: »

So if you have the 25% deposit, and there are no issues with bank/employer etc, then so long as the survey is good, then you have no problem?

My issue is that I have not been offered a formal mortgage yet. As I don't understand the relationship between packager and lender I am rather nervous and concerned about the outcome.

Ditch_Crawler

Pammy wrote: »

My issue is that I have not been offered a formal mortgage yet. As I don't understand the relationship between packager and lender I am rather nervous and concerned about the outcome.

Like I said, you are right to be concerned - if the people you are dealing with cannot/will not answer your questions, then I would be very concerned.

DC

Dan_1976

Pammy wrote: »

Well I don't think its dodgy at all, they have been really vigorous with all the paperwork.

But Im not clear on the process and despite asking them I am still not clear who is taking the risk.

The packager agreed it, they sent the AIP, so they are backing it up. But I'm not sure what their role is if it then goes to the lenders underwriter.

How can they send me an AIP if they have yet to go to the lender??

I feel very stressed by all of this.

Sorry I am not saying yours is, but when money was given out a little more freely. Also the process from a compliant point of view, is normally slack, but I am not sure these days.