Applying for an AIP - query

Nictom80_2

Hi,

I am hoping to shortly start look into buying my first property and want to apply for an AIP with my bank so I can get a proper idea of what I will be able to borrow ( I have only used mortgage calculators etc up until now)

My query is however, that there is a chance that my salary may change sometime within the next few months....If it does ( I cannot see myself actually putting an offer on a property until this has been sorted) I will want to reapply for the AIP with the same bank with my new salary. Is this something I can do? Just reapply with slightly different details?

Thanks in advance

kingstreet

An AIP is valid for three months at most. Many lenders offer shorter periods.

Why not wait until your income has settled down if you aren't yet ready to proceed?

Why "your bank" and not a source of independent advice and help which will ensure you get the best overall value for money?

Nictom80_2

kingstreet wrote: »

Why not wait until your income has settled down if you aren't yet ready to proceed?

Because I want to get a proper idea of what I can afford now so I can begin researching areas etc- then I will know if I get a change to my salary it will be a little bit more than that

Nictom80_2

kingstreet wrote: »

Why "your bank" and not a source of independent advice and help which will ensure you get the best overall value for money?

I don't want to go down that avenue until I am ready to look into it more seriously. I have used a mortgage comparison website and my bank appeared to give the best deal based on the brief information entered. So I want to apply for an AIP with them to get a more accurate figure

gettingtheresometime

Nictom80 wrote: »

I don't want to go down that avenue until I am ready to look into it more seriously. I have used a mortgage comparison website and my bank appeared to give the best deal based on the brief information entered. So I want to apply for an AIP with them to get a more accurate figure

Some banks will tell you what you can afford, in principle, which isn't an aip; why not use this facility based on what you earn now?

Nictom80_2

kingstreet wrote: »

An AIP is valid for three months at most. Many lenders offer shorter periods.

Why not wait until your income has settled down if you aren't yet ready to proceed?

Why "your bank" and not a source of independent advice and help which will ensure you get the best overall value for money?

gettingtheresometime wrote: »

Some banks will tell you what you can afford, in principle, which isn't an aip; why not use this facility based on what you earn now?

I would have to make an appointment to see a mortgage advisor at the bank in order to do that, which I don't have time for at the moment. An AIP I can do online

Nictom80_2

As I have been informed an AIP is valid for 3 months that answers my question. Thank you

wantonnoodle

Nictom80 wrote: »

I don't want to go down that avenue until I am ready to look into it more seriously. I have used a mortgage comparison website and my bank appeared to give the best deal based on the brief information entered. So I want to apply for an AIP with them to get a more accurate figure

I would really encourage you to speak to a broker now. We had a full factfind with our broker before we had even started thinking about looking at houses as we had no idea at all what we could get.

It was over 6 months before we found a house and had our offer accepted. He was very patient and would give us pointers as to whether he thought a property was overpriced or not if we were not sure.

We were told at the start that based on the factfind, we satisfied the lending criteria of 5 of the major lenders for the amount he suggested was affordable, so we were confident that even without an AIP, we could get what we needed.

When it came to applying for a mortgage, we had the offer within a week of application, subject to valuation. So I would say a good broker is worth their weight in gold. In addition to this, he helped keep things together when the solicitor and lender were at crossed purposes - which happened more than once.

kingstreet

I did some illustrations for a client yesterday and about five minutes later he came back to me to say he's seen what XYZ was offering and their rates were clearly better than what I'd quoted.

I had to point out to him that we look at overall value for money and the products we illustrated with no fee and a cashback on completion suited him better than his "clearly better" rates and would result in him paying less overall.

He'll pay us no fee, get a far better service than direct from a lender and we're available pretty much 24/7 inc weekends.