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How to get Agreement In Principle quickly
_pete_
Posts: 224 Forumite
I've just had an offer accepted on a property - the vendor is keen to complete as quickly as possible.
I currently have a Virgin One mortgage (current account offset) with a facility of £30k (ie, the available 'overdraft'). I actually paid off the 'debt' 16 years ago.
I now want to extend my facility to £100k (moving to a more expensive house) and after running through my income and expenditure figures was told last November that this wouldn't be a problem. I've just rung them to get an agreement in principle that I can show to the vendor's estate agent and have been told that I'll need to have a 2 hour appointment with their mortgage advisor and that the first appointment isn't for another 2 weeks.
Is this timescale normal?
Any suggestions on how to get a quicker AIP?. The Virgin One mortgage has worked well for me for 18 years, but given the two week wait and the 'nothing we can do' response when I queried it I'd happy to go elsewhere.
Thanks in advance.
I currently have a Virgin One mortgage (current account offset) with a facility of £30k (ie, the available 'overdraft'). I actually paid off the 'debt' 16 years ago.
I now want to extend my facility to £100k (moving to a more expensive house) and after running through my income and expenditure figures was told last November that this wouldn't be a problem. I've just rung them to get an agreement in principle that I can show to the vendor's estate agent and have been told that I'll need to have a 2 hour appointment with their mortgage advisor and that the first appointment isn't for another 2 weeks.
Is this timescale normal?
Any suggestions on how to get a quicker AIP?. The Virgin One mortgage has worked well for me for 18 years, but given the two week wait and the 'nothing we can do' response when I queried it I'd happy to go elsewhere.
Thanks in advance.
0
Comments
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It can be with some lenders.
Have you tried a broker or another lender directly?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Have you tried a broker or another lender directly?
Thanks for the speedy reply! I've just spoken to my estate agent's mortgage advisor and they can get this sorted at 9.30 on Monday if I email my documents to them over the weekend.
That's more like it!
Cheeky follow up question: any tips on best mortgage product - I want to borrow £100k and aim pay it off in 2 years....0 -
Thats the brokers job.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Little tip for the weekend.
You don't want to aim to pay if off in two years.
Tell the Lender that and they wont lend.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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