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Has my mortgage broker messed up my AIP?
SharkMoney
Posts: 187 Forumite
I went to see my broker in order to get an AIP before I start offering on properties.
We discussed a particular scenario of property that I found for 600k and assumed 150k deposit by selling mine.
The AIP was accepted with Halifax for £450k at 75%.
However, what if we don’t get asking price for our property and our deposit decreases to 120k and thus we need to borrow £480k at 80% LTV?
Is this AIP now null viewed through the eyes on estate agents and developers, making our offer unproceedable?
Should we have asked for an AIP that demonstrated our maximum we could borrow? Should we get another one?
The maximum we can borrow calculated online by ourselves is around 550k, but how do we “prove” that?
We went to the broker with an “ideal” scenario and realising our property is unlikely to sell for asking price.
Feeling annoyed my broker did not think about this and gave us a rosey AIP, and now we’ve had a soft credit check?
We discussed a particular scenario of property that I found for 600k and assumed 150k deposit by selling mine.
The AIP was accepted with Halifax for £450k at 75%.
However, what if we don’t get asking price for our property and our deposit decreases to 120k and thus we need to borrow £480k at 80% LTV?
Is this AIP now null viewed through the eyes on estate agents and developers, making our offer unproceedable?
Should we have asked for an AIP that demonstrated our maximum we could borrow? Should we get another one?
The maximum we can borrow calculated online by ourselves is around 550k, but how do we “prove” that?
We went to the broker with an “ideal” scenario and realising our property is unlikely to sell for asking price.
Feeling annoyed my broker did not think about this and gave us a rosey AIP, and now we’ve had a soft credit check?
0
Comments
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It's an AIP - it doesn't actually mean anything.
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You gave the broker the finances you were looking at. Why is it his fault that those finances might have been wrong. You can't expect a broker to have a crystal ball. If the situation changes, you can look at who to go to as a lender again. Another check won't make much difference. It will only matter when there are multiple applications.1
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You're suggesting you might sell for less - but what happens if/when the surveys or searches come back and you negotiate the price down on the one you're buying?
I believe a halifax AIP is a soft search, so no harm done either way - you can just get a new one.
Once you have an offer you want to accept on your place and you know what you're intending to offer on the place you're buying - that's when you need to firm up numbers.
That sounds like a classic case of premature extrapolation.
House Bought July 2020 - 19 years 0 months remaining on term
Next Step: Bathroom renovation booked for January 2021
Goal: Keep the bigger picture in mind...0 -
Halifax aip should show the maximum that can be borrowed. It doesn't show the amount requested for.
The amount borrowed might change if you drop to a different ltv bracket0
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