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AIP LTV question

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cjv
cjv Posts: 513 Forumite
Third Anniversary 100 Posts Name Dropper Newshound!
edited 11 June 2018 at 7:03PM in Mortgages & endowments
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?

Comments

  • ACG
    ACG Posts: 24,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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 Adviser
    You 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.
  • cjv
    cjv Posts: 513 Forumite
    Third Anniversary 100 Posts Name Dropper Newshound!
    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.
  • ACG
    ACG Posts: 24,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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 Adviser
    You 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.
  • cjv
    cjv Posts: 513 Forumite
    Third Anniversary 100 Posts Name Dropper Newshound!
    Thanks again, I am looking for shared ownership so I may be able to meet the 25% deposit on my share depending on value.
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