Estate Agent requesting AIP??

Propertyauthor

There shouldn't be any problem with giving this to the agent. If you were selling would you want to accept an offer from an agent who hadn't bothered to check if your buyer could afford your property or not? It should be part of their job.

If you have a broker then you can get them to confirm in writing you can afford the offer you have made.

The only thing you need to watch out for is if the agent passes details on to their own mortgage advisor and tries to say you can only have the property with them if/they will be able to get you a higher mortgage to up your offer. Good news is the Ombudsman schemes have made it very clear these kind of practices are not acceptable.

I wouldn't suggest saying people are cash buyers when they aren't. I had one case when a seller was told this three times in a row and each of them weren't being honest and the sales fell through.

Yorkie1

I wouldn't be prepared to provide my own AIP until my offer had been accepted, unless it is actually for the mortgage amount I'd need to buy at the price that I've offered. Otherwise they know your financial position for bargaining purposes.

As for my buyer's AIP, that's a new one.

kingstreet

Under the 1979 EA Act, the Agent is required to satisfy itself that any offerer has the means of proceeding to unconditional exchange of contracts in a reasonable timescale.

However, the Act is silent on how this should be achieved.

This allows Agents to demand AIPs, proof of deposit etc and to manipulate buyers into paying more or to use its mortgage services.

Ulfar

Your bank mortgage adviser will be happy to speak to them, mine did.

You give the estate agent their card or number, they call the adviser who confirms you have a mortgage offer agreed for the offer price. This way the state has no idea how much you can borrow.

DRP

Usually this kind of information exchange happens via each member of the chain's ea contacting each other.

Not sure why these guts can't do the same.