AIP nightmare help wanted!

carry229

Hi
Right in A situation we have a mortgage adviser who we have been dealing with since early Sept we went in for A property but had to pull out due to pension deposit release being delayed.
We have since found another property our adviser has stated how much we can borrow and who with but this property is A repossession and we need proof of AIP etc before the offer. I contacted our adviser who has said he will contact our lender and gain proof but it's going to take a while as he has to change property etc although the amount we are mortgaging is the same. Is it normal process this to gain our AIP only iv done some research and most people seem to gain theirs straight away? Any help I would be grateful!
Cary

ACG

Not normally but if you are getting your deposit from a pension and its a reposession (so presumably a completion within a month is needed?) then it could be your options are reduced.

Some lenders (typically smaller building societies) do manual AIPs so its not unheard of and perfectly normal just not as common as most people go to high street lenders.

carry229

The mortgage we have been told has been accepted with Santander. I'm just concerned as we have seen no AIP and I thought to gain A AIP you only needed basic details I wasn't sure that the repossession property would mwant the adviser has to ajust details in order to gain the AIP?

amnblog

AIPs take very little time with Santander.


Ask your broker again.

carry229

This is what I thought, does anyone know of A change in property etc would mean the broker has to change details in order to obtain the AIP? As previously said I always thought an AIP was just based on basic info and not the property etc?

libf

You need to speak to the broker in the morning, or now if he works evenings.

carry229

I questioned him today as I didn't think it was normal procedure my reply was 'it's in the hands of the bank I'm not sure how long it will be to get the AIP as I have had to change all the details with them like the 28 day turn around and because it's a different house' just really didn't think this was nessecary just to obtain our AIP!

ACG

It may have referred?

Thrugelmir

Possibly the Agent is unwilling to accept your offer without confirmation that you are in a totally proceedable position. With a repossession there's other factors in play.