aip worth anything???

trooperdog

when i bout a house a few years ago I had an agreement in princple which to my understanding was as good as a mortgage. then went ont to buy a house.

fast forward to now ive spoken to a broker who spoke to a bank who did a credit check and offered me a morgage. the broker assure me ive got the mortgage if i want it but I have no aip or paperwork??? is this still ok??

kingstreet

The broker has probably used a lender's online system to submit your details for approval. Provided the full application and early approval data match, you shouldn't have a problem.

Some systems produce written paperwork which can be given to the applicant. Some don't.

I tell my clients they have been accepted and to what purchase price range they should be looking. They don't normally need it in writing.

Your broker may be able to print off a confirmation letter or certificate if you'd feel more comfortable. Have you asked for it?

trooperdog

i did metion this and he said no need to worry the banks done a credit check has been passed i think its a 5.4% fixed rate for 2 years and available to me for 6 months he was on tyhe phone to the bank there and then and confirmed everything. he was very helpful i was just wondering if i actually needed the aip. also he said if i find a house to see him before putting in any offers as he know the local estate agents and can find out how low to go he says he usually ends up with 10-15% off the asking price!!
It may be my first morgage broker was rubbish back then and that this one is really good i just thought id put it out there.
thanks for your reply