When in August are HSBC making the change to allow other solicitors to act

FEvans

As the post says i cant find any info apart from its in August as to when HSBC are removing their requirement to use one of their panel solicitors.

I currently have an AIP with yorkshire BS but can get an even better rate with no fees with HSBC.

I can get my conveyancing done for free (i own a law firm who are on the CQS panel) but have been warned off from using HSBC at present due to the way currently HSBC deal with mortgages.

My AIP ends with Yorkshire on the 29th July.

There is no real urgency yet with my application as the builder on the house i am buying still has not given me a completion date (its likely in around 6 weeks ).

What i dont want to happen is for my AIP to end and then have to apply for a new one as i assume that will effect my credit rating.

However i dont want to make the formal application with Yorkshire if a few days later HSBC put their changes in place etc. Also are HSBC a strict lender compared to the Yorkshire BS

is there a way of extending an AIP from yorkshire - i did amend the AIP previously and doing so the existing AIP ended and they issues a new AIP but i am afraid of leaving too many checks on my file etc.

any advice would be appreciated.

harvey115

AIP is nothing more than a paper with some ink on it showing how much the bank may lend you and it is not contractual either. AIP is usually used by borrowers to show to estate agents/developers that they are serious about the purchase and that they can afford it as well.

The rates are only tied once you make a full application, no matter what rate/product you have been quoted in your AIP.

Hope this helps.

FEvans

harvey115 wrote: »

AIP is nothing more than a paper with some ink on it showing how much the bank may lend you and it is not contractual either. AIP is usually used by borrowers to show to estate agents/developers that they are serious about the purchase and that they can afford it as well.

The rates are only tied once you make a full application, no matter what rate/product you have been quoted in your AIP.

Hope this helps.

the concern i have is if if i try to extend the yorkshire AIP by amending it - its going to leave a trace on my file which may then prevent me actually having a mortgage approved eventually.

I dont know whether to wait and see what HSBC do and leave the current yorkshire AIP expire and simply apply again mid agust when the picture should be clearer or just make an amendment to the yorkshire one which should then give me a further month on the AIP before it expires again. How big is the foot print that these amendments to an AIP make

harvey115

Again

You do not need to extend and amend an AIP, and AIP means nothing in terms of what you will get in your full application.

I would suggest that you worry about the full application that you will be making in your near future and forget about changing or extending your AIP.

kingstreet

The target exchange date required by the builder may be the driving factor here. They won't fit the house out to your spec - bathroom, kitchen etc until after you exchange.

LEP

FEvans wrote: »

As the post says i cant find any info apart from its in August as to when HSBC are removing their requirement to use one of their panel solicitors.

I currently have an AIP with yorkshire BS but can get an even better rate with no fees with HSBC.

I can get my conveyancing done for free (i own a law firm who are on the CQS panel) but have been warned off from using HSBC at present due to the way currently HSBC deal with mortgages.

My AIP ends with Yorkshire on the 29th July.

There is no real urgency yet with my application as the builder on the house i am buying still has not given me a completion date (its likely in around 6 weeks ).

What i dont want to happen is for my AIP to end and then have to apply for a new one as i assume that will effect my credit rating.

However i dont want to make the formal application with Yorkshire if a few days later HSBC put their changes in place etc. Also are HSBC a strict lender compared to the Yorkshire BS

is there a way of extending an AIP from yorkshire - i did amend the AIP previously and doing so the existing AIP ended and they issues a new AIP but i am afraid of leaving too many checks on my file etc.

any advice would be appreciated.

Regarding this I can only speak from personal experience but me and my good lady found HSBC would lend us far more than YBS when we applied for a new mortgage 6 months ago.

In fact I was quite suprised how little YBS would lend us considering our salaries and credit status.

Yorkie1

I believe another poster said it was the end of August. However, I've seen nothing yet to substantiate this.