AIP 2 weeks ago now being referred and ideas why?

bellyeoman

I had a AIP with an on line company 3 weeks ago (L&C) Then took advice as saw a property I liked with a different local mortgage advisor. My offer has been accepted but she wanted to do another AIP for her company and said it would be no issue and said I would get a mortgage for the amount required no problem. 95% over 20 Yr 122k. She sounded very surprised to tell me this AIP has been referred. I am now very worried. I am a older borrower 53 who has not owned a home for many years. Salary high. Permanent job. Very good pension with lump sum I can access at 55. Have nothing adverse on my credit file never use overdraft etc. I have money left over every month and pass eligibility checks I have done online. the original AIP was for up to 180k
Says will be 24 hrs for AIP decision now it has been referred.
Anybody been in this position? Does this mean I will be unlikely to be approved? Is my age a reason it will have been referred as goes beyond retirement age?

kingstreet

L&C does only an affordability check for its "agreement in principle" while the rest of us use a lender's online system which normally includes a soft or heard credit search.

A referral means a human being is going to look at it, rather than the automated system. This can be for a number of reasons.

I assume Nationwide or Santander?

Sib2018

Ours was natwest same thing waiting nearly 2 weeks, think it was just cross checking what was submitted on application, underwriters was a pain.

bellyeoman

The AIP has now been agreed today..... it's with Leeds so just stress of mortgage application now.. Any experience with them will it help if its already been looked at by someone

kingstreet

I thought Leeds only did to 70, or selected retirement age whichever was lower?

Are you providing evidence of income in retirement to justify the longer term?

bellyeoman

Hi I will be working till 66 and have a very good pension with lumps sum I can drawn on from 55. So I can evidence that. My advisor seems to think no issue with age at all? I offered evidence of pension statement and said wasn't necessary I am looking for 20 Yr mortgage term.