Does the number of AiP you have matter

charlie85

Hi All,
This might be a stupid question but i am about to embark on the mind field of getting a mortgage and need some advice. I have found a flat i like and am wanting to get an AiP but with the pending budget review i am a bit worried.

I was thinking of applying for the AiP and if anything drastic happens on Tuesday with the mortgage rate i could just apply for a different mortgage. However, just wondered if it is seen as negative to apply for too many AiP's even if they are not at the same time and you have justified reasons for doing this.

Thanks,
Charlie

dimbo61

The mortgage rate will not change on Tuesday as thats when the budget review is.
The Bank of England base rate is set by the Bank of England who meet once a month and its been 0.5% for the last 16 months.
If you apply for an AIP ( agreement in principle) with a number of lenders they will do a credit check and YES several credit checks will affect your credit score and may lead to the mortgage you want being turned down.
So search the market ( if you know what you want !) and get the best deal to suit your circumstances, or see a "whole of market mortgage broker" for advice

jockosjungle

A broker though will just get you an AIP from some bank to check your worthiness, my advice would be to get one done just to estate agents know you are serious and won't demand you see their mortgage adviser. Either see your banks adviser or another with a decent rate depending on the deposit.

My personal recommendation is either Post Office or HSBC with 10% deposit as they have an excellent rate that mortgage advisers cannot beat

R