AIP gone to underwriters... Confused?

shonzyd

If you have an AIP already approved and they are now asking for further docs as its with the underwriters this sounds like a full aplication to me.

clawless89

Thank you for all of the help Shonzyd, and sorry for all of the confusion! As a FTB I'm quite overwhelmed with everything!

I think you're right, I best get in touch and find out what exactly is happening. As it turns out; we are going for a second viewing on a house we love this week and if we still feel the same we may put an offer in. Does the full application take a long time to go through? It may be worth letting the underwriter review it so we can move quicker when putting in our offer. And I presume the full application will be agreed subject to valuation? Thank you.

shonzyd

There are many variables to how long the whole process can take.

At a guess i would say you get an AIP, then find a house and put offer in, then submit full mortgage app once offer accepted. Someone will correct me if im wrong but im sure thats the order of things.

I cant see how you can submit a full app without the full details of the property you want a mortgage for??

The valuation is normally done once the app has been submitted. Im talking from my own experience here so not sure if they all follow this process, please dont take this as professional gold dust. The house ive purchased is a new build so the valuation was literally a drive by. My valuation was ok'd, only after that was the offer issued, perhaps some banks do it the other way round.

clawless89

shonzyd wrote: »

At a guess i would say you get an AIP, then find a house and put offer in, then submit full mortgage app once offer accepted. Someone will correct me if im wrong but im sure thats the order of things.

Thats the impression I was under too! Thanks for this Shonzyd, it helps to hear the process of a new & fellow FTB and also how it went for you. I think that somehow a full application is going through without and offer. I will advise Nationwide tomorrow to get a clearer picture. I can only presume that they are just being pro-active and getting approval early due to our circumstances and hopefully all will be fine & get accepted! Finger crossed!

Thank you & good luck with your move!!

shonzyd

Keep us posted with how you get on. Its always good to hear a story from start to finish. I too used nationwide and overall have been so far satisfied with their service (although my broker was independent from them).

Best wishes and good luck! From one FTB to another..

clawless89

Thank you for the wishes! I will keep you posted on what happens in the coming weeks thank you!!

clawless89

Hello! Just an update on our progress so far...

Monday 18th March we had our offer accepted on a house.
Wednesday 20th March we met our mortgage advisor at Nationwide and applied for full application...
The meeting went well and we left feeling hopeful. My partners income has been signed off and approved by the underwriters and they were in the process of looking at mine.

I work for the NHS on a fixed term contract and it is due to run out at the end of June this year. My contract is such that it gets renewed 3-6 months at a time and my manager has wrote a letter to Nationwide confirming I have worked there since Jan 2012 and it has been renewed twice already and likely to be renewed again. However shortly after we left our advisor called to let us know the underwriters wanted my basic annual salary to be included on the letter. My manager is unauthorised to distribute this information so I have had to get my head office to fill in an Employers Reference Form. They won't send the form via email so now I am just waiting for it to arrive at the nationwide branch and hopefully this should be the last thing they require to asses my income (having had past bank statements, P60s, contracts and payslips).

I am just wondering if anyone has been in/know someone who has been in this scenario or can offer advice?
I am a worrier by nature and do hope they will approve us. My partner has been approved, we both have no credit/loans/overdrafts, the deposit was not gifted and after paying our deposit we will have a 'nest egg' of £12k in shares that we will save away for emergencies.

Thank you.

clawless89

I just realised I never actually posted the direct question (sorry!)... I just wanted to know if we should be worried or not, and if anyone has applied for a mortgage on a FT/Temp contract and had any problems? Or if they can foresee our situation being a problem? Thank you.

kingstreet

This is what the criteria says;-

Fixed Term Contracts

Where a job is only for a set period, although the contract may be renewed or extended. You should always check if your client is on a fixed term contract. If they are, please provide the following information with the application which the mortgage approver will use to assess the likelihood of continued further employment.

length of time with current employer;
if the contract has been renewed before;
remaining term of the current contract;
if the current contract is likely to be renewed and, if so, for how long;
the prospects of obtaining alternative employment in the same type of work at a similar salary
whether the contract is connected to a specific project

At least a 12 month track record of working on this basis is required.

clawless89

Thank you to everyone for all of your help! Just an update if anyone else is in a similar position... I was informed by Nationwide today that my income has been approved by the underwriters and we just have to wait for the valuation !