AIP - can i change the value and or the actual deal

FEvans

I have a AIP from Yorkshire BS on their 5 year (2 year tracker - 3 year fixed) deal.

I note however that I need an extra £500 on top of what i requested.

When i formalise the AIP can I do this. Also i am thinking of simply going for a standard 2 year tracker - again can when i make the full application can i change the AIP i had for a different mortgage or is the AIP set for a certain sum and certain type of mortgage term

harvey115

An AIP is just an illustration from the lender to show the perspective buyer and seller the available options at a high level. So you do not need another AIP if you can secure and offer on a house you like.

Once you are happy to go for a full application you should get a detailed KFI before the application is submitted to the lender. Your new requirements should be reflected in that KFI document because your full application will be based on those requirements.

kingstreet

An AIP doesn't reserve a product, only a full application and a commitment to pay the valuation and arrangement fees does that. An AIP is supposed to let you know what you can realistically borrow.

If you need more, you simply apply for a higher amount when you find a property and make a full application. A lender may carry out another credit check if an increased mortgage amount is required.