AIP to Full Approval?

Vegeta

How long does it usually take on average for a mortgage to progress from an agreement in principal to fully approved?

And when it is agreed in principle, does that pretty much guarantee a full approval?

robatwork

First part - from weeks to months.

Second part - No - as proved by plenty of previous posts in here. When the bank/BS start the full investigation/underwriting they can often find some tiny skeleton in your financial closet.

Nice nick by the way - I use it all the time!

R_P_W

Agree with Rob. Some friends of mine got an approval in a few days where as the application myself and my wife made took nearly two months.

So many things can impact the timescales....lender, volume of applications, complexity of your case etc.

We were quite close to our borrowing limit and I have another mortgage on another property so think they wanted to do some extra checks just to make sure was all affordable.

They did request additional information which is what I think extended the timescale. They seem to love doing everythign my post, so they request something such as a work financial reference they send a letter to your work, probably takes 3 days, depending on the size of your company they take a few days provide it and post back so another week. Goes back to lender and your case has been moved in the queue.

Luckily we got full approval in the end which was very good news.

I would just advise try to be patient and ensure that you send all the infortmation they require with the application.

Vegeta

R_P_W wrote: »

Agree with Rob. Some friends of mine got an approval in a few days where as the application myself and my wife made took nearly two months.

So many things can impact the timescales....lender, volume of applications, complexity of your case etc.

We were quite close to our borrowing limit and I have another mortgage on another property so think they wanted to do some extra checks just to make sure was all affordable.

They did request additional information which is what I think extended the timescale. They seem to love doing everythign my post, so they request something such as a work financial reference they send a letter to your work, probably takes 3 days, depending on the size of your company they take a few days provide it and post back so another week. Goes back to lender and your case has been moved in the queue.

Luckily we got full approval in the end which was very good news.

I would just advise try to be patient and ensure that you send all the infortmation they require with the application.

Thanks for the info.

I was wondering how you get full approval before the survey even takes place? Isn't that just an "agreement in principal"?

Also, do mortgage companies make a record of when you are refused a mortgage anywhere so if you make a future mortgage application, they know you were refused in the past?

jetblack61

We had a decision in principle before we started viewing properties, so that we could show we were serious buyers with the ability (in theory) to get a mortgage.

When we found a house we liked and our offer was accepted, we went to the building society to make the full application and it came back as approved in exactly 2 weeks. We instigated the survey at the same time we made the full application (that was done 48hours later).