Offer and AIP

hopalot

When making an offer on a house the Estate agent normally wants to know that you have the funds available so want to know a mortgage agreement in principle has been obtained (or have you get one from their in house broker)

If your AIP is in excess of the amount you intend to offer wouldn't the EA just pressurize you to offer the asking price if this is below at or within the maximum of your AIP

I have an AIP direct from my bank (although this may not be the lender I decide to go with, it was easy to obtain) so there is no broker as such for the EA to talk with

So what do I show the EA? ......the actual AIP I assume but I fear that this leaves me vulnerable to being levered to a higher offer

yessuz

my situation as well. But I stated the max of Deposit I got and what LTV I will be applying for, therefore there is no chance for higher offer, as my deposit would fall below certain %

Bravestar

hopalot wrote: »

When making an offer on a house the Estate agent normally wants to know that you have the funds available so want to know a mortgage agreement in principle has been obtained (or have you get one from their in house broker)

If your AIP is in excess of the amount you intend to offer wouldn't the EA just pressurize you to offer the asking price if this is below at or within the maximum of your AIP

I have an AIP direct from my bank (although this may not be the lender I decide to go with, it was easy to obtain) so there is no broker as such for the EA to talk with

So what do I show the EA? ......the actual AIP I assume but I fear that this leaves me vulnerable to being levered to a higher offer

Any EA will attempt to get the best price for their client i.e. the vendor.

The AIP should have no bearing on this as the AIP will indicate what the maximum amount is you can borrow, but other constraints also exist when it comes to actually getting a mortgage offer e.g. the LTV against a specific property.