Do I need an AIP and current mortgage deal running out before moving.

kates08

Hi all

Our house is going on the market this week, we have been to see both our current mortgage lender (HSBC) and a mortgage advisor and both have said that they will give us more money than we will want/need to take (HSBC by about £20/30k and MA by about £75k!). Neither time did we go through the formal AIP process, they were just giving us an indication of how much we could borrow (all figures were 100% correct so we're confident of being able to secure the smaller amount that we will want). Are we likely to need a formal AIP or should we just wait until we've offered on somewhere and submit a full application?

Also, our current mortgage deal runs out in September, even the fastest moving house sale isn't likely to be completed by then so what is our best option - go onto the SVR, re-fix with our current supplier or move on to a no tie-in period mortgage?

Thanks!

lspell1

The estate agent might want to see the AIP before accepting your offer/taking it seriously.
I wouldn't tie yourself in to a fixed deal, staying on the SVR might be the cheapest thing to do in the short term. Remember if you remortgage there will likely be fees associated with this.