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Aip?
MLTrucker
Posts: 25 Forumite
Afternoon all.
Should I get an AIP before going to view houses?
My fears are the following. Go and see a house, like it, put an offer in. Get an AIP and find out that it wouldn’t be enough to cover what I have offered.
OR
Get an AIP. Not find a house before it expires, reapply and then I believe this could effect my credit file in a negative way.
Should I get an AIP before going to view houses?
My fears are the following. Go and see a house, like it, put an offer in. Get an AIP and find out that it wouldn’t be enough to cover what I have offered.
OR
Get an AIP. Not find a house before it expires, reapply and then I believe this could effect my credit file in a negative way.
0
Comments
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Afternoon all.
Should I get an AIP before going to view houses?
My fears are the following. Go and see a house, like it, put an offer in. Get an AIP and find out that it wouldn’t be enough to cover what I have offered.
OR
Get an AIP. Not find a house before it expires, reapply and then I believe this could effect my credit file in a negative way.
First time buyer by any chance?
If you are feeling nervous I would recommend sitting down with a mortgage broker to work out your budget before going to view any properties. Some AIP are not worth the paper they are written on.0 -
What gave it away? 😂.
I have spoken with our broker and she has give me a good indication of our budget. But I thought an AIP could carry a bit more weight when making an offer.0 -
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What gave it away? 😂.
I have spoken with our broker and she has give me a good indication of our budget. But I thought an AIP could carry a bit more weight when making an offer.
If you've seen a broker and have a good indication of your budget then go with that. An AIP isn't going to give you anymore weight when making an offer. How would the vendor or their estate agent even know you have an AIP unless you do something silly like hand it over to them?0 -
If you've seen a broker and have a good indication of your budget then go with that. An AIP isn't going to give you anymore weight when making an offer. How would the vendor or their estate agent even know you have an AIP unless you do something silly like hand it over to them?
Is that silly?
I was (told that I was) bidding against another buyer who wasn't proceedable yet, and they were trying to persuade me to up my offer before they'd even put it to the vendor until I mentioned I was an FTB with an AIP. Then they asked me for a copy before they would take it off the market: I didn't see any reason to refuse.0 -
So what worth does an AIP actually have? Is it common practice to have one?0
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So what worth does an AIP actually have? Is it common practice to have one?
It's mainly to wave at an EA to help prove you're not a complete timewaster/fantasist / unable to afford/proceed with the purchase.
For you, it gives you some indication of what you might be able to borrow, so you're looking at properties in the right price range - substantiating the point made above.
It's commonplace to have one, as it's usually the first step in getting an actual mortgage - it's almost like asking a tradesman for a quote to do a job, but at best is for guidance only.
It is not however, a cast iron guarantee that x bank will lend you y pounds to buy z property.1
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