AIP gone to underwriters... Confused?

clawless89

Hi,

Our mortgage advisor at Nationwide has informed us today that our AIP has gone to the underwriters. We sent over mine and my parters details (payslips, P69, contract etc). I am just wondering if this is normal as we only got the AIP a week ago and began looking at houses a few days later. We are still looking at houses and haven't put any offers in yet, so naturally I am just a little concerned.

We are first time buyers with a combined income of £39500 and was give an AIP of £157,500 & have a deposit of £18k. My parter is the main earner and is permanent, however I am in a fixed term contract with the NHS, worked there over a year and it has been renewed twice. My manager is also willing to write a letter to the mortgage advisor to support our application (however as I only just found out about the underwriters I haven't sent it over yet).

I'm just worried that it may get thrown out now or is it more of a formality as its an unusual case?

If anyone can offer any advice/help it would be much appreciated!

Thank you.

Thrugelmir

Have you made a full mortgage application?

clawless89

No, we haven't. We haven't put an offer on a house yet, just sent all the details to our advisor as requested.

Simon_gloster

You need to check with nationwide their criteria on contract workers. A letter from them now is meaningless. Unless there is a guarantee it'll be renewed again for at least 6 months you'll exclude many lenders.

It'll be up to the lender to request contract confirmation.

clawless89

Hi Simon, we have checked and I meet the lending criteria as I have had the contract renewed more than once and have worked there over a year and the likelihood of being renewed again is very certain (hence the letter). We discussed this with the mortgage advisor at Nationwide who was fine with It. Just really need to know what the process of the underwriter is, especially since we haven't even put an offer in on a house? And also, if the mortgage advisor said we meet the criteria then how would it differ going to an underwriter?

shonzyd

My understanding of an AIP is that the decision is instant once the submit button is hit - there are only 3 outcomes - Accept, Reject of Referred.

So are you saying that your AIP was referred? Its not really clear in your original post.

clawless89

Hi shonzyd, I don't know, we have the AIP, it was set to us via email. Our advisor (after sending the AIP) asked us to send over details (P60, payslips etc) so that she could 'get the pay details signed off'. Just confused as to why it went to an underwriters now, especially as we haven't even put an offer on a house in? And whether this is something to worry about?

clawless89

Hi,

Sorry for this but I am just 'bumping' it back. Still quite concerned and hope someone can offer some advice/information as to whether this is normal? Thank you.

kingstreet

By giving your P60 and payslips now, you have given the adviser a way of establishing if you decide to go elsewhere. It's an old estate agent adviser trick to keep control.

If you have the written AIP, a full application is subject to those documents but they are not needed until then.

shonzyd

back to your orginal question your application will reach the underwriters at some stage anyway, whether its now or a few weeks down the line. But as stated above, if you havent found a house yet, no need to do a full application at this stage, therefore those docs should not be required. Presumably your not using a broker who you pay upfront either? Or are you?

clawless89

Thank you for the responses:)! No we haven't found a house we like yet and we are not using a broker but dealing directly with Nationwide. I understand it would go to the underwriters at some stage or another but was just worried as to why it has been sent without even meeting with our Nationwide advisor to put in a full application. Should I be concerned? I have already sent the documents over and have been told the underwriters are reviewing case. Thank you.