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AIP LTV question
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cjv
Posts: 513 Forumite


I applied for an AIP with HSBC just to test the water of my mortgage chances, I obtained an offer based on 75% LTV.
Does that mean they will only lend up to 75% to me, or is it just an estimation on the assumption I have a 25% deposit?
Also, rather than starting another thread...
My employer is useless at giving me documents, information etc. when I ask them. I have to ask multiple times and chase them up a lot, are they obliged to give a Mortgage lender the details they ask for promptly?
Does that mean they will only lend up to 75% to me, or is it just an estimation on the assumption I have a 25% deposit?
Also, rather than starting another thread...
My employer is useless at giving me documents, information etc. when I ask them. I have to ask multiple times and chase them up a lot, are they obliged to give a Mortgage lender the details they ask for promptly?
0
Comments
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Normally when you request an AIP, you key in the figures you are after. So if you keyed in a loan amount of 75% of the pruchase price then that is what they will do the check on.
Your employer is not obliged to provide anything to a Mortgage lender, let alone promptly. Most lenders do not need anything from an employer other than payslips, which you would/should have anyway.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 -
Thanks ACG.
I think I keyed in for an 80-85% LTV so maybe they are only willing to go to 75%.
I did key in a larger purchase price and lower deposit than I actually have just to see what they would offer, so I think I will be ok after a few more months of working on things and to find a broker.
I will have payslips and healthy bank statements so it is reassuring to know they may not even need to contact my employer.0 -
It sounds like they will only go to 75% LTV then. It doesnt mean all lenders will cap it to 75% though.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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Thanks again, I am looking for shared ownership so I may be able to meet the 25% deposit on my share depending on value.0
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