Simple one about AIP

moneysavingfail

Hi Posted previously about 2 AIP's I have via a broker who has made a few errors.

I read a very concerning post yesterday regarding an experience with another persons AIP - it has made me worry. Can you help me understand something?

Say AIP is for £172,225 - I was led to believe that an AIP was 'we'll lend you the money providing the info you have supplied us matches up' - However, a post I read yesterday said that when they put the full application in, the mortgage lender came back and said that based on the incomings and outgoings, the applicants couldn't afford the loan for £xxx.xxx and reduced the offer accordingly (Of which was not enough to buy the house) - despite having an AIP.

Now, Iv'e supplied my broker with all incomings and outgoings and I assumed he used those to gain me a loan amount available?

Iv'e got to pay £300 for the full application with Halifax and I don't want to do that only to be told "Actually, halifax will only lend you X meaning you're £20k short!"

I feel like my broker is F Bombing clueless - but I'm stuck with him as due to mistakes, he's put me through 3 lenders (All accepted) and I fear that one more could be the one that gets me 'declined'

I'm AIP with Halifax for way more than I need and ready to buy the house I want - and I've told the truth.

Heads up please guys, what should I expect? And when should I instruct solicitors to begin proceeding for the house I want to buy?

Help is appreciated as usual!

kingstreet

You're not risking any money yet. So do not instruct your solicitor to do anything until you've been told the amount you want has been approved and the surveyor instructed.

The Halifax system will not allow the payment of any fees until it has approved the full application. If the full amount is not available, the system will tell the broker what is possible and he'll have the option of amending the application or not proceeding with it.