How long does it take to get AIP

917700

Sent all documents and information to a new build developer recommended broker yesterday, and they said they are going to get an AIP for affordability check purpose. 
I understand all brokers and lenders are busy at this moment, but I am still wondering how long does it take to get the AIP? I haven't see any alert on Equifax regarding any soft check. 

Graeme1978uk

We are buying new build and got an AIP within a day or so once we’d supplied all of the required information.

We didn’t use the developers’ broker though. I might be wrong but to me there’s a conflict of interest using brokers and solicitors that are sat in the developers pocket. I get the impression/feeling that they might have not always have your best interests at the forefront? I might be wrong I’m sure others will be able to give their opinions.

[Deleted User]

Depends on your case. I go from receipt of documents to sending the AIP across in 30 mins just as easily as I can take hours to figure out which lender will take it and submit the case.  Had one a few weeks back that took me 3 days to get hold of someone at the lender to check they will take the case and another 2 weeks for them to assess it and issue my AIP.  

If you are an 'easy' case and sit easily on the high street then probably about an hour to get an AIP once the time has been allocated in the diary.    The last bit is crucial as its very rare that someone can just drop everything to get it done.   But if you are trying to actively buy a property you would expect some sort of contact or update within 24 hours 

Tonyw193

Im not buying a new build, but our AIP took 2 working days to ne returned. 

[Deleted User]

Graeme1978uk said:

We are buying new build and got an AIP within a day or so once we’d supplied all of the required information.

We didn’t use the developers’ broker though. I might be wrong but to me there’s a conflict of interest using brokers and solicitors that are sat in the developers pocket. I get the impression/feeling that they might have not always have your best interests at the forefront? I might be wrong I’m sure others will be able to give their opinions.

personally i feel that there is enough regulation to avoid this happening.   With mortgages especially, how can a broker really do anything against the clients best interests?  The developer doesn't care if the deal we give them is the cheapest or not.  Doesnt make any difference to them who the mortgage is with, they just want the money.   However it does allow the broker to know which lenders to avoid due to over exposure on the site, or down valuations, or which ones to go to who have valued recently on the site and might be able to do a desktop survey.   I think the developer-mortgage broker relationship works really well for the broker (and the client) and i cant see many ways a broker could screw a client in order to keep the developer happy.  Its unusual for developers to negotiate on price as well so its not as if they can give away too much info here the same way an estate agent broker might

Solicitors get the grief most of the time as they may fail to point out restrictive covenants right up to the last moment, or will gloss over certain aspects.  Ive been in a few deals where ive asked if they have been given permission to park their sign written van out the property and the client has no idea what im talking about

917700

Deleted_User said:

Depends on your case. I go from receipt of documents to sending the AIP across in 30 mins just as easily as I can take hours to figure out which lender will take it and submit the case.  Had one a few weeks back that took me 3 days to get hold of someone at the lender to check they will take the case and another 2 weeks for them to assess it and issue my AIP.  

If you are an 'easy' case and sit easily on the high street then probably about an hour to get an AIP once the time has been allocated in the diary.    The last bit is crucial as its very rare that someone can just drop everything to get it done.   But if you are trying to actively buy a property you would expect some sort of contact or update within 24 hours 

I will continue to wait for a couple days before give the broker a call. 

My case is not easy straight forward. I am self employed and my wife is employed in my business. one £236 default with Northumbria Water 5 years ago. My wife has Indefinite leave to remain, but I am holding a visa which will expire in April 2021.  

obc18

Our case isn't the most straight forward but we had our AIP back in a couple of hours. Our broker is really good and obviously knows her stuff. Not to say your broker doesn't, it could just be a matter of workload for them or delays with the lender. Perhaps give them a call and a gentle nudge for an update. Good luck with it.

Gem_M90

I was initially using my own broker. It wasn't quite a straightforward case as my partner had some adverse credit so he had to delve into everything and figure out which would work out best for us. He worked out that we would be best to apply in my name alone with a slightly bigger deposit. Once he had that info, he got us an AIP from Halifax the same day. 
We then decided to go for a new build house and use the help to buy scheme in scotland. We switched to the developer's recommended broker at my own MA's request. He said he didn't deal with help to buy and it would be in my best interests to use their recommended broker as the process would just be easier for me. Switched across and the developer's broker again got a fresh AIP put through the same day. 
I've just had my approval through today after a few bumps in the road, 23 working days from application to approval.