Agreement in principle

arabe11a

We have an AIP with Woolwich.

I realise that this is not a guarantee of a mortgage but provided the information we provided stacks up, is a mortgage offer a dead cert?

We're hoping to offer on a property we found shortly and I just wanted to be aware of any potential pitfalls with the mortgage.

Thanks for your help!

monty-doggy

That's how it went with me. I'm with woolwich.

AIP.
Offer, accepted, survey, negotiated after survey, reduction in amount needed to borrow, mortgage approved, complete 4 weeks later

Dave_Ham

Woolwich AIP is pretty reliable to be fair.

Bid confidently and ensure your paperwork is readied for application...

arabe11a

monty-doggy wrote: »

That's how it went with me. I'm with woolwich.

AIP.
Offer, accepted, survey, negotiated after survey, reduction in amount needed to borrow, mortgage approved, complete 4 weeks later

Thank you! That's reassuring to hear!

Our AIP is for £180k but we're not sure if we will need to borrow the full amount, as we are hoping to get the house we like for less and have managed to save a bit extra.

Just worried as we have both recently started new jobs and I wasn't expecting things to go this well!

Dave_Ham

How recently?

arabe11a

Dave_Ham wrote: »

How recently?

August and September.

I've started a professional job after studying (think accountancy, law, that kind of thing) and my partner has started a new job after 2 full years with his last employer. We hope to complete in January. Our mortgage advisor is aware of this.

Dave_Ham

Broker or branch based advisor?

Under 6 months and a senior underwriter needs to get involved.

Their policy is work in a similar environment constantly for previous 18 months

I think yours being of a professional nature should be ok, but we can bounce these cases past a Decision In Principle team in advance.

arabe11a

Dave_Ham wrote: »

Broker or branch based advisor?

Under 6 months and a senior underwriter needs to get involved.

Their policy is work in a similar environment constantly for previous 18 months

I think yours being of a professional nature should be ok, but we can bounce these cases past a Decision In Principle team in advance.

Broker - via the Mortgage Advice Bureau.

My partner's job is in the same industry as his previous job (engineering).

Dave_Ham

Imagine it will be ok, if you are on probation then it becomes increasingly tougher..

arabe11a

Dave_Ham wrote: »

Imagine it will be ok, if you are on probation then it becomes increasingly tougher..

Hence my worry... I'm not on probation but my contract is fixed term (albeit with the hope of a qualified position at the end of it) but my partner is on probation. Again, we've run this all by our mortgage broker and he's managed to get this AIP for us (which I wasn't necessarily expecting, to be honest) so I'm hopeful he's done his homework and found us a suitable product but I'm - for obvious reasons - cautious that it might all fall apart when we make the full application. I am sure that he has disclosed our particular circumstances to Woolwich though and the AIP was issued on the back of that...

Dave_Ham

I really think you need to speak with the broker again. Ask if he/she has just keyed Decision In Principle, or if he has called through for acceptance.

This is going to be tough, although possible..