1st Time Buyer AIP

jessnat995

I've had a hard search against my report from the lender. So I would assume It would have failed by now. It so far everything has been accepted.

I think certain lenders will have a time frame to wait.

UtSD98

If you've had a hard search then I'm sure it will be absolutely fine, I would only have been worried if you were in the same situation as me with my partners file only being soft searched.

If you don't mind me asking what lender are you applying with?

erin110

UtSD98 wrote: »

I'm not so sure which is why I'm panicking so much myself - from what I've heard an AIP only does a soft search of a credit file, its only afterwards at full application they pick up on items on the report (i may be wrong, please correct me if that's the case.)

The 2013 default is settled, we have all relevant paperwork for it. Instead of using the payment plan for the 2012 default is it best to pay it in one lump sum right in the middle of a mortgage application? Because surely it won't show as satisfied on the report when they look at it?

If this application fails and we lose this house, if we were to settle the outstanding default straight away what is the recommended length of time we would be able to try again? I know that one of the defaults drops off next year, but is there a chance in say 6 months time we could try again?

I am pretty sure its a hard search with Natwest at AIP.


As for the default personally I would pay it off ASAP certainly if you want to continue with Natwest. If you explain that you have only just realised and you paid it off immediately they may accept that. You really need to get your own broker to find that out for you.


As for the time scales again get your broker to find that out. It must all be established before a full application is made. It may be that Natwest say they want it to come off your credit file before you apply which is usually around a month or 2 after its been paid or they may say they are happy to do it with written confirmation its been paid. The worst thing you can do is apply as if the underwriters find it once you apply they will just decline the application and then you are looking at 6 months.

erin110

jessnat995 wrote: »

ok so you have me worried now,
I have 2 defaults that are paid from 2014 and one form 2013 unpaid, which was disclosed to my broker,
we received an agreement in principle from the lender and passed it, now if they didn't accept the open default surely the AIP wouldn't have passed right?

Who is the lender?

jessnat995

the lednder is Precise

erin110

jessnat995 wrote: »

the lednder is Precise

Precise are a specialist lender who deal with a lot including defaults paid or unpaid. I do not know your full situation but I wouldn't worry.

jessnat995

thank you for your reply

JJalalian

If you're really worried, ask to see a copy of your NatWest AIP application form, that will tell you if your credit history was declared to the lender