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Simple question about AIP's and Offers
jonny_power
Posts: 270 Forumite
Hi all,
We're looking to get an Agreement in Principle from a mortgage provider and then put in an offer on a house.
If we were to get an AiP for say £130,000, which is our upper limit, and then to put in an offer on a house we like for £120,000, would this look funny? Would the Estate Agent be able to turn around and say we could afford more and expect us to up our offer/the seller to hold out? We don't think the house is worth £130,000 and would never offer that. It would be a pain getting an AIP for every offer we make, it involves going to a branch and waiting 48hrs.
We're looking to get an Agreement in Principle from a mortgage provider and then put in an offer on a house.
If we were to get an AiP for say £130,000, which is our upper limit, and then to put in an offer on a house we like for £120,000, would this look funny? Would the Estate Agent be able to turn around and say we could afford more and expect us to up our offer/the seller to hold out? We don't think the house is worth £130,000 and would never offer that. It would be a pain getting an AIP for every offer we make, it involves going to a branch and waiting 48hrs.
0
Comments
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The AIP will tell you the maximum you can borrow, or can confirm that you can get the amount you want.
If you get an AIP for £130k and you only want to borrow £120k, you only tell the agent you have an AIP, not how much for. As you say, you don't want to show them all the cards in your hand.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I agree- don't share your AIP with the EA.Our EA got quite snotty with us about this (but they were awful generally) so our solicitor sent them an email confirming that we did have access to funds (subject to survey etc.)0
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penguingirl wrote: »I agree- don't share your AIP with the EA.Our EA got quite snotty with us about this (but they were awful generally) so our solicitor sent them an email confirming that we did have access to funds (subject to survey etc.)
That's great guys, thanks for your help. We won't show our hand don't worry!0
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