Finding Leeds Building Society AIP process rather long winded

sugarbabe84

I contacted LBS two weeks ago to find out if I can get an AIP. They gave me an appointment a week away because they said they are so busy.

I had the initial appointment last week and they sent my information to underwriters. For some reason they do a full search almost as if I'm applying for the actual mortgage rather than just a soft search. I was meant to get an update from them today but got nothing. They seem to have a rather intensive process just for an AIP and unfortunately time is of the essence because I might lose the property that I'm wanting to reserve.

The whole process seems just so inane, and I know it's not reflective of other banks as I've had a same day AIP from Halifax and Barclays before. I'm just wondering why LBS have got this lengthy and somehow inefficient process?

Does anyone have any experience of going for an AIP with them? I would have applied for it online but, this is for a shared ownership mortgage which requires a discussion with someone.

Thrugelmir

sugarbabe84 wrote: »

They seem to have a rather intensive process just for an AIP and unfortunately time is of the essence because I might lose the property that I'm wanting to reserve.

At least this way the AIP is of some value. Should you decide to proceed further you'll have already jumped a fair number of the hurdles.

ACG

What made you go with Leeds?
I have not used them for a while but I remember every time I did use them, it felt like pulling teeth.

This is why it is important to not just look at the rates if you have other things that are important to you. 9 times out of 10 when I speak to people, they are happy to pay a little more each month if it means a quick and easy application.

sugarbabe84

Thrugelmir wrote: »

At least this way the AIP is of some value. Should you decide to proceed further you'll have already jumped a fair number of the hurdles.

Yes, that's the only upside. Otherwise, I do get the sense that a customer's needs is far from their minds.

sugarbabe84

ACG wrote: »

What made you go with Leeds?
I have not used them for a while but I remember every time I did use them, it felt like pulling teeth.

This is why it is important to not just look at the rates if you have other things that are important to you. 9 times out of 10 when I speak to people, they are happy to pay a little more each month if it means a quick and easy application.

I struggled to find banks that do shared ownership mortgages at 5% deposit. Initially I was going to go with Halifax who I really like and they are my main bank, but unfortunately it turned out they wouldn't provide a mortgage on the property as its only just been built. They would only offer mortgages on new builds that have existed for some time.

it definitely does feel like pulling teeth. If I get the AIP, that will allow me to progress with reserving the property but I wonder if I could go back to searching for a bank and apply with a different one for the actual mortgage. What's annoying is that LBS have done a hard search which leaves a mark on my credit profile. Will having that mark go against me if I go for a product with a different bank?

ACG

I would ALWAYS rather have a decision in principle that involves a full credit check. Otherwise what you have is not really worth the paper it is printed on.

At least if they do all of their checks now, it should be easier at application stage. But my experience with Leeds is that they are very thorough.

sugarbabe84

ACG wrote: »

I would ALWAYS rather have a decision in principle that involves a full credit check. Otherwise what you have is not really worth the paper it is printed on.

At least if they do all of their checks now, it should be easier at application stage. But my experience with Leeds is that they are very thorough.

I suppose their thoroughness should give me confidence.

I just wish their communication was better.

tkel01

ive just been though AIP with them through a broker and it was referred. Two days later is was acepted, however first offer was lower than we applied for and my broker had to go through the application with them again and 6 hours late we got accepted for the full amount

we are now in full application....there service timscales say 8 days to offer...my broker reckons 3 weeks!

sugarbabe84

tkel01 wrote: »

ive just been though AIP with them through a broker and it was referred. Two days later is was acepted, however first offer was lower than we applied for and my broker had to go through the application with them again and 6 hours late we got accepted for the full amount

we are now in full application....there service timscales say 8 days to offer...my broker reckons 3 weeks!

Thanks for the information. Really helpful.

I decided not to go through a broker in order to save myself pennies. Unfortunately I recently decided in August that it's time to get on on the property ladder, in 2018 so it means my deposit is quite small. otherwise if I had been planning for a while, might be in a more comfortable situation to spend on brokers etc. I'm really belt tightening this month.

tkel01

i used the broker who completed our affordability checks for the HA as we too are buying shared ownership....im not sure how leeds process works. We gave over the pack of documents at AIP and so far have not been asked for anything else.

Ive been told by a couple of people that if AIP is refered then accepted by underwriter then most of the work is done bar valuation etc. I know there are those that disagree however.

So im none the wiser really....sleepless nights continue for now lol

sugarbabe84

tkel01 wrote: »

i used the broker who completed our affordability checks for the HA as we too are buying shared ownership....im not sure how leeds process works. We gave over the pack of documents at AIP and so far have not been asked for anything else.

Ive been told by a couple of people that if AIP is refered then accepted by underwriter then most of the work is done bar valuation etc. I know there are those that disagree however.

So im none the wiser really....sleepless nights continue for now lol

Haha, okay. I hope it all works out for you .

Yes, I'm taking comfort in the fact that some of the work will be done during this phase, providing the AIP goes through ok.

From reading people's reviews it seems like once paper work is submitted, it doesn't take long for them to process and make mortgage offer.