AIP to Mortgage offer

JamieJ89

Hi, sorry for what might seem a stupid question.

But whats the difference between submitting an AIP and a formal mortgage offer?

I have an AIP with Accord, slight historic adverse. My Mortgage broker has been provided with all documents thus far thats been requested such as pay slips, credit files, bank statement (that my salary and DD's come out of but not my general day to day spend account as this wasnt requested).

I've put down a holding deposit for a new build, but my broker is away for another week on holiday. House builder hasnt issued contracts yet, I was told this would follow in the new year.

But whats the next step to submit a formal mortgage offer - is there anything else I would need to provide to get the mortgage offer, other than house particulars and contract etc.

Just a bit on edge due to my historic adverse, this was the first time I am looking at more high street lenders rather than adverse lenders so worried about what more they will need to be provided with and whether this would affect the AIP already obtained.

Thanks in advance.

snowqueen555

An auto doesn't mean diddly squat, that's the difference.

What you submitted sounds about right for a mortgage application. I was more concerned with the proof of funds that the conveyancer asks for, but that was pretty simple as well.

I'm also in the process of buying a new build. It is a bit of a con, everybody is out to rip you off, make sure your conveyancer checks everything.

For a new build the lender would ask for other information, such as what sort of warranty you have, the EPC and all that sort of thing. 

amnblog

The AIP suggests the credit side is put to bed.

The remaining information the Broker may need relates primarily to the property. They will also wish to evidence your deposit (if not already done so). Deposit evidence depending on the source. can be bank statement, investment statement, gift letter (if coming in full or partially from a gift).

JustMe18

We are also buying new build, only will be built in July-August. We have got AIP in December, which gives rough idea if lender wish to lend you, but doesn't guarantee anything. Then we had a call with a broker to submit for a mortgage offer. it can be a different lender though , not the one you got AIP from. We also had some adverse credit history . So we are currently waiting for the outcome.