How accurate are AIP?

alice_kate_2

I had an AIP from RBS for £351k (for particular property).

This was based on information provided and a soft credit search - the advisor seems to think this should be pretty accurate of what we could borrow.

I did one with Halifax - another soft search - and that said £79k?! We already have a mortgage with Halifax and would be selling that home.

My question is are these accurate and how can it be such a huge difference?

If we went for the house as per RBS AIP is this likely to suddenly change?

Thanks

kingstreet

Did you enter your existing Halifax mortgage in the commitments and tick it to be repaid?

alice_kate_2

kingstreet wrote: »

Did you enter your existing Halifax mortgage in the commitments and tick it to be repaid?

Just relooked - no I didn't - it's upped it to £292k! RBS is still better but makes more sense now thanks!

Are these accurate figures?

betmunch

They are as accurate as the figures that go into them.


If you put in everything the same as the underwriter will then you get a 100% accurate figure

alice_kate_2

betmunch wrote: »

They are as accurate as the figures that go into them.


If you put in everything the same as the underwriter will then you get a 100% accurate figure

If your credit history wasn't satisfactory would it be picked up at AIP stage?

I have a couple of late payments (not defaults) just the standing order not going out in the same "monthly" pattern as the CC month if that makes sense :mad: this is completely paid off now anyway and at £0. My credit history is showing as on the good side of average?

spadoosh

alice_kate wrote: »

If your credit history wasn't satisfactory would it be picked up at AIP stage?

I have a couple of late payments (not defaults) just the standing order not going out in the same "monthly" pattern as the CC month if that makes sense :mad: this is completely paid off now anyway and at £0. My credit history is showing as on the good side of average?

We we're given an AIP from halifax to later find out we couldnt get a mortgage because we had a fraudulent default on an account. Unless things have changed things (major things at that) can be overlooked on the soft check. That was 5/6 years ago.