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What constitutes an AIP?

Rob_Mogs
Rob_Mogs Posts: 156 Forumite
Sixth Anniversary 100 Posts Combo Breaker
in Mortgages & endowments
What actually is this?

As with our broker it was literally looking at a sheet that stated some figures and then submitted a full application.

I'm not sure we've actually seen one?

Comments

  • ACG
    ACG Posts: 24,682 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    It just confirms you have passed a credit check is valid for 28-30 days.
    They all vary but none (unless manually done) are worth the paper they are printed on.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Rob_Mogs
    Rob_Mogs Posts: 156 Forumite
    Sixth Anniversary 100 Posts Combo Breaker
    Ok cheers, but what actually is an AIP?

    I've no idea of we've been offered one or even seen one.
  • ACG
    ACG Posts: 24,682 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Agreement in principle/decision in principle/mortgage in principle (AIP/DIP/MIP) - all the same things.

    Its basically your details entered, a credit check done and an initial decision.
    I do not always give clients a copy of this, it depends if they need it or not.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    My broker never gave me one, because he was really awful, just joking :)


    it is due to the reasons given by ACG, they are not worth the paper their worth. You may not get the same product or with the same bank in the end.



    If your EA asks for an AIP give them your broker details who will confirm affordability. Also giving an AIP puts you at a disadvantage wen putting in offers as they will know how much you can bid for.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • ACG
    ACG Posts: 24,682 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    As csgohan says, another reason why not to do a DIP until your negotiating is complete is that we may get a DIP on monday. IT takes you until Wedensday to agree a price and we put the application in on Thursday.

    Rates and/or criteria could have changed in that time frame.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Rob_Mogs
    Rob_Mogs Posts: 156 Forumite
    Sixth Anniversary 100 Posts Combo Breaker
    It took us a bloody eternity to get an offer accepted as the seller had no need to sell quickly as it was an inherited property, we thought that may work in our favour for getting a low offer accepted, we were wrong
    :rotfl:
  • cns06
    cns06 Posts: 299 Forumite
    Sixth Anniversary 100 Posts Combo Breaker
    Our AIP was just an e-mail from lender to broker saying the max lending was £x and they would consider an application for 30 days for that sum after that we would have to send the initial enquiry form in again. I must admit I was expecting something more formal.
  • Rob_Mogs
    Rob_Mogs Posts: 156 Forumite
    Sixth Anniversary 100 Posts Combo Breaker
    cns06 wrote: »
    Our AIP was just an e-mail from lender to broker saying the max lending was £x and they would consider an application for 30 days for that sum after that we would have to send the initial enquiry form in again. I must admit I was expecting something more formal.

    That's about the same as what we got then.
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