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waiting for AIP feeling very stressed
moneyshoe
Posts: 97 Forumite
I know nobody is going to be able to help much with this but I'm so stressed I can't actually get any work done! We applied through our broker for an AIP from Nationwide - it got sent straight to the underwriter - he thinks because of our weird postcode - we live on an island in the middle of nowhere, he kept needing extra documentation.
Anyway he submitted it all last night about 6pm and I haven't heard anything back yet. I'm really worried as we are right at the top of the affordability scale - I earn £55000 and we want to borrow £220000, we do have a £125000 deposit so our LTV is quite good. We want to keep a contingency fund though so can't borrow less. I'm not worried about servicing the mortgage - we are good at budgeting and I actually earn a bit more each year from an independent source (didn't include this in the application as not sure I have enough records etc) + husband who is currently looking after our kids could locum or even get a job if really needed.
I just can't cope with the waiting - how long does an AIP from Nationwide normally take and is the delay a bad sign? We've had a bit of discussion with the selling agents and pretty sure they would accept £345000 so really need the AIP to come through. The broker says he can't see a problem but I'm so anxious - checking my e-mails every five minutes and driving myself mad!
Anyway he submitted it all last night about 6pm and I haven't heard anything back yet. I'm really worried as we are right at the top of the affordability scale - I earn £55000 and we want to borrow £220000, we do have a £125000 deposit so our LTV is quite good. We want to keep a contingency fund though so can't borrow less. I'm not worried about servicing the mortgage - we are good at budgeting and I actually earn a bit more each year from an independent source (didn't include this in the application as not sure I have enough records etc) + husband who is currently looking after our kids could locum or even get a job if really needed.
I just can't cope with the waiting - how long does an AIP from Nationwide normally take and is the delay a bad sign? We've had a bit of discussion with the selling agents and pretty sure they would accept £345000 so really need the AIP to come through. The broker says he can't see a problem but I'm so anxious - checking my e-mails every five minutes and driving myself mad!
Earn £2015 in 2015: £13:33/2015
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Comments
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This is a manual assessment, so it'll just be in his work queue, and depending upon the current business volumes (and their current service standards) you may have a day or 2 to wait.
Try not to stress, there is nothing to be gained at this point, and remember "no news is good news !".
Hope all works out for you.
Holly x0 -
£55k a year, 20+ year term and no credit/commitments, you should be able to borrow upto £275k, so there should be plenty of options with that size deposit.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thank you both - o.k will try and do some work now and stop obsessively checking e-mails. Loosing my job will not help proceedings...........Earn £2015 in 2015: £13:33/20150
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Phew it was approved. Is it a good thing it's already been through an underwriter in terms of actually getting approved at the full application?Earn £2015 in 2015: £13:33/20150
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Did you have to supply all income documents for the AIP review? If so, then yes. It will be just subject to the full application being submitted and then a valuation0
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