Agreement in Principle through to Offer

nik_k

Can someone explain in simple terms what the process is in terms of a lender converting an AIP through to an actual Offer?

Lender requested Payslips, P60, ID, Proof of Residency - what do they actually do with them?

Just wondering what happens in the (long drawn-out) dark murky side of things that the applicant never gets to see - there must be someone with insider knowledge? What is there that takes such a long time?

jamesd

Seems mostly how busy they are if they are the company offering the best deal for lots of borrowers at a particular time.

The lender checks the information they have requested against the application for to make sure that you're telling the truth. Assuming that's OK they will get the valuation done (could be either way around), have an underwriter approve the package and send you a mortgage offer.

If you did it through a broker the broker may be able to get some indication about where things are in the system - some lenders provide this to brokers via their online systems. Otherwise if you phone them up they might be able to tell you and a few provide this information online.