AIP - how long for a decision?

Worried

How long does it take for an AIP result to come back? I know some can be done more or less instantly, but what is the longest it can take? Going to see our IFA tomorrow 12.30pm to get one done and having second viewing on house we want tomorrow evening, with a view to putting an offer in on friday. IFA did say on first appointment that he could do one instantly if we needed to move quickly in getting an offer in on a house, even if it wasn't for the product we ended up actually going with, but I'd rather get it for the product we choose for peace of mind and to avoid having two credit checks. On our last appointment, he was suggesting it was the high street lenders like A&L that would give us the multiples we were looking for and take 100% overtime. Any idea if we could come away with AIP tomorrow?

prutter

Yes, my understanding is that you should be able to get one there and then.
We had one a few years back as ftb's, and it was simply a piece of A5 card, with handwritten values filled in by our mortgage advisor on how much we would be able to borrow.

AndrewSmith

Depends if you want an AIP that actually means something.

It also depends on the lender, amount you are asking for, whether it needs to be referred to an underwriter for an initial decision etc etc etc

There are so many variables that it would be impossible to say prior to your meeting whether you will come away with a definate AIP that has been given by a lender.

Best thing is to simply wait and see.

Worried

I mean an agreement from the lender we choose, involving credit check etc.

AndrewSmith

Worried wrote: »

I mean an agreement from the lender we choose, involving credit check etc.

So do I,

There are so many things that it depends on it is impossible to say whether they will give you an immediate AIP until you actually apply.

Worried

Sorry Andrewsmith my reply was to Prutter's post, but clashed with your posting. Thanks for your response.

Majik

I got mine in two hours faxed to me yesterday for the product I wanted - absolutely brilliant service. I believe if it's referred (for whatever reason) then it's normally 24 hours.

Majik

tony863

Hi Worried,

I've just had mine done for me and it all went through ok. I had no deposit and wanted to borrow 125% to cover all my debt and deposit. I was told that I would reach approx lending figures based on my credit score ie, low, med or high.

They did it over the phone and told me straight away that I got a high credit score and that I had a mortgage AIP for £188,000.

I did the same thing six months before as well, but that sale fell through. Don't know if that info is any help to you, but I hope so