trying to understand AIPs

cluelessoncanvey

I have two AIPs, btu I will probably go with neither when it comes to getting a mortgage. I thought it'd suffice to show when looking at properties to show I can get a mortgage ok.

But a broker did suggest getting one for the mortgage I'm going ot go with to make the process faster when I see somewhere i want. Thing is from what I understand it's whoever has the best rates on the day you go with so hard to know in advance. And I don't think the AIPs are beinging are they? I.e. if their rates have changed between getting the AIP and getting the mortgage you don't get the AIP rate? Or does that depend on the company. IF they can be binding in that way could be worth getting a third. But also don't want to affect my credit rating by getting too many. Both have been soft so far, Halifax and HSBC.

They didn't seem to take too long to get done either, the problem was getting an appointment to see someone to do it (halifax required appointment, HSBC were able to do it straight away). But have made contact with two paid brokers and L&C, so assuming on the day I find somewhere I can just ring the three and take the one that gives the best deal. Have a broker phone number a friend has since recommended (the two I got in touch with were through vouchedfor) but wondered if getting in touch with three might be excessive? (Assumnig they'll all offer similar deals or is it worth it in case he can better the others)

ACG

Stop doing AIPs. They are credit checks and you may find instead of having access to the best deals your stuck with whoever will accept you due to so many credit checks.

They are not binding and the best rates can change daily - 1 of the reasons why I do not do AIPs until a property has been found and price agreed. The other reason is that most show how much you can lend so when the buyer goes to the estate agent all giddy seeing they can easily afford it, the estate agents are rubbing their hands knowing they can bump the price up a bit.

Find a broker and stick with them, there is a lot more to a broker than just the deal they can find. Anyone can find the cheapest deal, its finding the cheapest deal and getting it to offer stage that is the hardest bit and making it as painless as possible. You may find a broker who saves you £5 a month but the lender makes a real meal of your application.

If im being really honest, I think if you were my client I would walk away as you sound like your actually harming your chances by trying to be clever and saving a few quid.