AiP

omariqy

Hi all


I've got an agreement in principle from Barclays for £250k but I think I may need to up my budget. I believe when you go through the process to apply for an AiP they do a soft credit check on you. Would it be ok to do ask for an AiP for a higher amount or would this impact my credit rating? Affordability wise I could easily go up to £300k.


Thanks

Malmo

omariqy wrote: »

I believe when you go through the process to apply for an AiP they do a soft credit check on you.

No, it is a full / "hard" credit check with Barclays, visible to other lenders for up to 12 months.

Would it be ok to do ask for an AiP for a higher amount or would this impact my credit rating? Affordability wise I could easily go up to £300k.

The AIP should state the maximum that Barclays may lend to you based on the information that is keyed in and your credit history. What information would you tweak to get a different maximum amount and what does the Barclays affordability calculator say the maximum is?

amnblog

You have no need to 'fiddle' with the AIP, Make any changes when you go to full application - just check affordability for now.

omariqy

I checked both when I applied and after and they say it is a soft check. For some reason the agreement is for the amount I put in not the maximum. On their affordability calculator they said I could afford a mortgage of £305k.

omariqy

Ah actually I think it is because I selected the 2.99% rate at 20% deposit. As I have £50k deposit. It makes sense the max is £200k.

King_Slayer

Your AIP would be a Hard check. The calculator will only give an estimate as this does not take into consideration your credit history. When the AIP is offered this is the max they will be willing to lend. Unless your circumstances change prior to the full MO application and your affordability increases.

omariqy

Had it confirmed by Barclays that Barclays did a soft 'enquiry' check on my credit file.

Malmo

Have you checked your statutory credit report with whichever agency Barclays search to verify this?

omariqy

I've checked Experian and my credit score remains the same and the Barclays search is listed under 'searches with no impact'.