Too long to wait to submit mortgage application?

ambioni

OK- had offer accepted on house 5 days ago and spoke to mortgage adviser to find best deals. He is going to do an AIP for me first as normal but is tied up until a week from now before he can meet and we can do this....is this a bit long to wait? Solicitor has tentatively pencilled in June 26th for completion but I don't know how long mortgage applications take....mortgage application would be to Nationwide and house is being bought in Scotland (so no need for survey as home report is satisfactory)

Any thoughts? Find another broker or am I panicking about nothing?

ellie27

You need to wait a week before you get an AIP? Or you need to wait a week til you can do the full application?

Is your meeting next week to make the full application eg has he told you to bring in all your paperwork then?

If next week is just your initial meeting then I would look for another broker.

ambioni

I had the inital hour meeting yesterday and he reviewed all my paperwork, but he wants me there to do the AIP in front of me (which I can kind of understand, make sure that all my outgoings figures are right etc.)....after that he will do the full application himself within a day or two

ambioni

So today I decided to get another broker. Aside from the fact that my first one couldn't see me again until next Wednesday to do an AIP I got a bad feeling about him from the start: seemed like he was rushing when he saw me and made some calculation errors when trying to find me some good deals....new broker is local, responded to the voicemail I left him after just 20 minutes and said he could do AIP first thing tomorrow if I give him the info he needs plus scans of some documents....much happier now

betmunch

A week to wait to do an AIP is a bit much if you ask me!

If need be I would do it over the phone then do the full application at the appointment a week later.

Think you made the right choice

Mocha61

A lot of banks/building societies do both the AIP and mortgage Application over the phone. Co-op bank is one of them, i think it was faster than trying to get an appointment in branch but it does take a while over the phone the AIP was 30 mins and the Application for over 2 hours!

Kirstie93_2

I always thought you should get an AIP before making any offers. How can you be 100% certain you can lend the money you are offering to pay?

Only saying this as the house we are buying at the moment, someone had put an offer in before us, then got an AIP and realised they couldn't borrow what they thought and had to pll out

ambioni

and an update- the broker I found yesterday has now done my AIP application and I passed! He found me a good 5yr deal with Nationwide and is hopeful that I may get an offer very quickly in view of the extensive paperwork I sent him (including budget plans "stress tested" at higher interest rates).