AIP and change of circumstances

Mr_Curious

Hi Guys,

A question probably well suited to the very knowledgeable brokers...

I have obtained an AIP with Santander and unfortunately for me the property I was offering on has now been sold to some other lucky person. Do I need to do anything such as call Santander and amend the AIP as I will now be looking at a different house in terms of value? I am also aware that the AIP is valid for 60 days.

Any thoughts on here before I have a chat with the bank later today?

Thank you,

MR_C

YHM

Are the figures significantly different between the two properties? If not, then shouldn't be an issue.

Just explain the revision and Santander will re-run the AIP.

Mr_Curious

I guess its not too different but different all the same.

I am pretty confident that my plans are affordable but if you wouldn't mind me running the basic details past you I would appreciate any thoughts.

House price approx £170k
Deposit £25500
LTV 85%

Gross salary £1850 excluding commission and bonuses. (Quarterly bonus of £1375 for each quarter last year. Commission around £11k spread unevenly over the year - but that is the nature of a sales based role!)

I have owned property previously although not at the moment.