Leeds Building Soc. AIP from broker takes 8 days?

cyberclubber

HI All,

i have applied LBS agreement in Principal through a broker in London and i received emails stating that it takes 8 working days due to technical issues with LBS and it was refereed to underwriter. Broker blames on MMR changes. IS this a valid point to have 8 working days waiting>?

Also my Credit score is excellent on Experian with no issues at all. My affordability is confortable enough for shared ownership but my statements show that i have spent money on monthly bases nearly every month to the end., that is mainly because i was putting funds on the side for deposit , will that have any effect , and what are the rates of approval for shared ownership type mortgages now.

thank you very much , i will be waiting for replied :T

stephenni1971

With MMR referrals to underwriters are more common. Wouldn't be too worried but make sure your broker keeps chasing...

cyberclubber

Thank you Stephanie,

I can see that you specialise in protection. House we put reserve on has building insurance already included in service fees. is that covered enough for mortgage lenders requirement ?

also Protection that you have on your signature, is that Protection for unable to pay mortgage ? and is that a mandatory thing ?

mak12345

Hi,
I got my AIP from Leeds within 4 hours.....applied about 10 days ago though.

mak12345

I was also rejected and found them very unhelpful....check my post regarding my experience.

cyberclubber

Hi Mark very unfortunate case. Did you get your AIP from Broker? 4 hours sounds about right, but 8 working days? Broker says it is because of system issues that they have .

stephenni1971

cyberclubber wrote: »

Thank you Stephanie,

I can see that you specialise in protection. House we put reserve on has building insurance already included in service fees. is that covered enough for mortgage lenders requirement ?

also Protection that you have on your signature, is that Protection for unable to pay mortgage ? and is that a mandatory thing ?

Is it a flat or apartment? They will have a master building cover policy on the whole building as it's not possible to insure each property individually. Lender will need confirmation of cover but won't be a problem otherwise.

There are several types of protection you can take out that are mortgage related

Mortgage Payment Protection - covers you payments for a set period of time ( usually 1 or 2 years ) in the event of inability to work through accident or injury. Some policies can also cover redundancy/unemployment.

Income protection - pays you a set %age of your employment income if you cannot work through illness or injury and usually pays until you are able to return to work or reach retirement age.

Life cover - leave enough behind you if you die for your spouse/children/partner to pay off the mortgage. Little need if you are single.

Critical Illness - pays a lump sum should you be diagnosed with cancer/heart attack/stroke and numerous other conditions. You can use the money to pay off mortgage, go on a round the world trip, buy a bionic heart... whatever you want.

Only one a lender can insist you have in buildings cover - all the rest is up to you and dependent totally on your individual circumstances.

Thrugelmir

cyberclubber wrote: »

Also my Credit score is excellent on Experian with no issues at all. My affordability is confortable enough

Lenders have there own measurements for assessing affordability along with the hurdles that need to passed in order to meet underwriting criteria and lending policy.

cyberclubber

stephenni1971 wrote: »

With MMR referrals to underwriters are more common. Wouldn't be too worried but make sure your broker keeps chasing...

Dear Stephennie,

my AIP was approved (as per the Broker email ) but broker tell me that :

the lender doesn't actually provide a certificate so I am not able to provide this to you I'm afraid

I am worried as this sounds a bit strange to me. Plus on landers site i see better rates on the mortgage but Broker says i only qualify for this one, and one he is talking about is not on the web site . can you comment on the above > is the first statement about AIP could be correct or there is something fishy

kingstreet

You get an email with a tick box form back saying accept, no certificate.

There are exclusive products knocking around and broker products differ from those you get going direct.

If you're on shared ownership, you can only pick from specific products, such as the three year fix at 4.49% (90% max LTV) or the 4.69% for 95%.

I've keyed a case today, 95% on a SO 2 year fixed exclusive 4.59%.

cyberclubber

kingstreet wrote: »

You get an email with a tick box form back saying accept, no certificate.

There are exclusive products knocking around and broker products differ from those you get going direct.

If you're on shared ownership, you can only pick from specific products, such as the three year fix at 4.49% (90% max LTV) or the 4.69% for 95%.

I've keyed a case today, 95% on a SO 2 year fixed exclusive 4.59%.

My offer is 4.99% 3 year fixed 95% with around £400 fees and £175 evaluation due upfront