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Referred AIP And Putting In Offers
starsky27
Posts: 104 Forumite
Hi all,
Six months we applied for a remortgage with Woolwich through a broker which was initially referred but the mortgage was eventually signed off after being underwritten. We never went through with the remortgage as we decided to sell. Fast forward six months to now and we again applied to the Woolwich for the AIP which not surprisingly has been referred( my partner has some missed payments on file). What we didnt realise is that a referred AIP with Woolwich will only get underwritten at full application so i will never be able to have a AIP from them showing that we can afford the mortgage etc to vendors EA's.
My question is , will this referred AIP make it hard for us to get offers accepted ?. If this is the case are we better to apply for another AIP with a different lender who will actually make their decision on the AIP without having to go through to full application ?. My worry with this though is the affect multiple searches could have on our file.
Our broker says it shouldn't be a problem with our EA's and vendors. I'm just wondering what your experiences and opinions on this are ?
Many thanks.
Six months we applied for a remortgage with Woolwich through a broker which was initially referred but the mortgage was eventually signed off after being underwritten. We never went through with the remortgage as we decided to sell. Fast forward six months to now and we again applied to the Woolwich for the AIP which not surprisingly has been referred( my partner has some missed payments on file). What we didnt realise is that a referred AIP with Woolwich will only get underwritten at full application so i will never be able to have a AIP from them showing that we can afford the mortgage etc to vendors EA's.
My question is , will this referred AIP make it hard for us to get offers accepted ?. If this is the case are we better to apply for another AIP with a different lender who will actually make their decision on the AIP without having to go through to full application ?. My worry with this though is the affect multiple searches could have on our file.
Our broker says it shouldn't be a problem with our EA's and vendors. I'm just wondering what your experiences and opinions on this are ?
Many thanks.
0
Comments
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The Estate Agent should be confortable with the assurance of your broker.
Lenders often refer applications in principle subject to full application.
What they are effectively saying is that credit score is OK but we want to check affordability in full during the application stage.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi amnblog,
Thanks for posting. I'm happy with the advice my broker has given me but its always good to get a second opinion. The affordability shouldn't be an issue as I have used the affordability calculators on the Woolwich site.
Many thanks,
Mark0
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