Whats the likelihood of getting an AIP declined?

daisbuys

Hi guys.

Went and had an agreement in principle drawn up today through our broker.

The lender is Abbey and they gave us an AIP based on borrowing 85% LTV.

The AIP was credit checked and we have included everything needed for the underwriters to go through i.e 3 months pay slips, p60's, exact credit owed, proof of address etc etc

What would be the likelihood that it would now get declined? As we did get declined for the 90% LTV due to credit rating only being FAIR, but they were happy to pass us on the 85% credit check hence the AIP.

The property we are hoping to buy was on for £135,000 and we agreed a sale on it for £100,000 and will be putting down £15,000, so only now borrowing £85,000. And I know that it will get valued at £120,000 without any problems so the valuation won't be a problem in our eyes.

We just need some confidence put into us that they will come back to us next week happy to lend us the money based on a valuation......

Thrugelmir

daisbuys wrote: »

And I know that it will get valued at £120,000 without any problems so the valuation won't be a problem in our eyes.

The valuation will be at the purchase price at the most. A properties true worth is what you pay for it.

daisbuys

Yes sorry, meant it will easily get the 100k valuation as it's worth 120k with other comparisons in the area....

Any input on the original question for me?

Wutang_2

daisbuys wrote: »

Yes sorry, meant it will easily get the 100k valuation as it's worth 120k with other comparisons in the area....

Any input on the original question for me?

Masses of input,

will you be declined?

maybe/maybe not

dwsjarcmcd

If everything that was input can be backed up as you state then it should be approved.

daisbuys

Thanks DWS.

Ye, everything should add up.....Only thing which will change now is the purchase of a new car. Took our 59 plate back and exchanged it for a 10 plate today. So old finance was settled and this new one taken out which was approx £1000 more. How long would this new finance take to show on the credit system? Our broker stated that it should be OK and that it wouldn't show for a couple of weeks?

This true?? Otherwise we will have to let Abbey know asap as we don't want them to think we are trying to mislead them...

daisbuys

Any advice on the new car purchase and when it will show on the credit report guys??

TMoose

daisbuys wrote: »

Any advice on the new car purchase and when it will show on the credit report guys??

Aside from questioning the need to replace a 1yr old car with a brand new one?

It can a month for these things to appear - they usually update around month-end...

Moose

daisbuys

Thanks Moose.

I work for Ford and get the cars discounted so it's cheaper for me to renew every year rather than get a service done.

Money saving after all aint we lol

Thanks for the reply mate

TMoose

daisbuys wrote: »

Thanks Moose.

I work for Ford and get the cars discounted so it's cheaper for me to renew every year rather than get a service done.

Money saving after all aint we lol

Thanks for the reply mate

Nice... I hope it's something suitably silly...Focus ST?

daisbuys

TMoose wrote: »

Nice... I hope it's something suitably silly...Focus ST?

Ha ha, had one of those, remapped to 282bhp :eek:

Then changed to the Kuga, and now downsized to a white fiesta zetec s to save some money towards a house! But the change was for the missus, she had a titanium fiesta tdci...

And just as an update guys, Abbey agreed to lend us the money and are instructing a valuation straight away!!

What a horrible wait that was!!