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Mortgage Advisor incorrectly given AIP amount
Tsteve
Posts: 2 Newbie
We sat down with a mortgage advisor from a well known bank where they inputted all of our details and gave us an AIP. We then started looking at houses, put our house up for sale.
We sold ours within 2 weeks and had an offer accepted on a house, which was well within the AIP budget.
We then went back to the lendor for a full mortgage application to find out they could lend us a lot less, the mortgage advisor had inputted the details incorrectly.
They have said they will speak with the underwriter and try to arrange for an income increase on the mortgage application. As it’s 15k short.
Does anyone know what this means for us, and what the likelihood of that being accepted?
We sold ours within 2 weeks and had an offer accepted on a house, which was well within the AIP budget.
We then went back to the lendor for a full mortgage application to find out they could lend us a lot less, the mortgage advisor had inputted the details incorrectly.
They have said they will speak with the underwriter and try to arrange for an income increase on the mortgage application. As it’s 15k short.
Does anyone know what this means for us, and what the likelihood of that being accepted?
0
Comments
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Without any details we cant offer opinion.
However, you would probably have done better going to a mortgage broker. Seeing a bank clerk at a lender means you only have their criteria. A mortgage broker covers the marketplace and lender B may have lighter criteria than Lender A. So, if the current lender fails, go get yourself a mortgage broker.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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