Change AIP

Firsttimebuyer2021

Sorry for asking so many questions lately, Our mortgage broker has came back with a AIP with Halifax for £130,000. We wrote on the initial mortgage questionnaire sheet about a property at £150,000 with a £20,000 deposit hence the £130,000 AIP however I thought the AIP would also show the maximum we could buy for as well? So if we had to see another house for £180,000 would we need to do a new AIP or if we had to change deposit? Sorry I’m just confused at how this works

thank you so much for any advice!

[Deleted User]

Have they given you a Halifax AIP or an AIP certificate they have knocked up on their own stationery?

Halifax aip should show the max lend amount on it

Firsttimebuyer2021

@Deleted_User I believe it’s a Halifax official, it says “A mortgage of £130,000 is available to Mr ——“ Subject to —— and expiry date 31 August 2021 it then has next steps down the bottom? 

K_S

@firsttimebuyer2021 That sounds like a Halifax broker DIP. As JMA said, Halifax broker DIPs show the max borrowing.

So if it's showing 130k that's either your max borrowing or perhaps the broker keyed in the minimum term required to cap max borrowing at 130k for the purposes of the DIP.

Firsttimebuyer2021

@Deleted_User @K_S Spoke with the broker today, they typed in the £130,000 with the minimum term required so have asked to re-do with the Max term allowed to try and increase the borrowing.

When personally doing the Halifax quick mortgage search we are getting approx £180,000 on the website after entering salaries and loan repayments so hopefully it’ll be fixed soon to this higher amount or as close as possible 

If the £130,000 is the Max borrowing with Halifax can we ask the broker to look at other Mortgages that would give a larger allowance?

thanks again for your replies!