How Long For Aip?

saveralot

I went to see a broker who told me he'd come back with a AIP in a day or two. Been chasing him up and he says its taking longer now because of the way things are (though to me wouldn't it be quicker as not many buying??). Its nearly 2 weeks now. Is this true or is he just saying it because he forgot to do the paperwork?

Conrad

I did one this morning that was agreed instantly.
It sounds to me as if your case is somewhat complex and requires indiviual Human assesment, in which case yes it can take weeks. I had just such on an AIP submitted to The Mortgage Works.

One way in which brokers vary is in thier sense of urgency. If I get a new AIP in I ensure its faxed / submitted immediately however from my days as a manager I know some brokers have a much more laid back attitude and it was'nt uncommon to find client files untouched for days, even weeks for example where an AIP was declined and the broker had'nt taken any further steps to place it.

Can I ask which lender this is?

saveralot

It was supposed to be with Alliance and Leicester but it took so long he gave up. I then had one with Halifax. I said I wanted one only but he said they don't leave a credit footprint - we will see. So far the only truth out of the estate agents/brokers mouths has been "hello", the rest has been bull.

Tiddler_2

The Halifax's mortgage promise has a "soft" footprint so whilst you will see it, other lenders won't. Most automated AIPs are instant however, they do occasionally have to be referred to an underwriter if it is tight on income, or involve several previous addresses that need to be assessed, but 2 weeks is excessive as it should not take more than a couple of days, particularly if he is chasing it regularly.

I know most people on here champion the fee free brokers, my experience of some brokers is that some of those that don't charge a fee, don't necessary give low paying cases a high priority (if any priority at all)

selectcase

I contacted buildstore on saturday for a self build quote as 11.am it was not simple as my credit record is less than perfect but i gave all the details. the guy got back to me at 4.00pm the same day saying TMB were a hopeful choice and we went through more details over the phone.. I have just recieved a wadge of paperwoek today to complete and have been told TMB have given me a AIP pending satisfactory checks. Buildstore are whole of market but do charge a fee of £395 for the service - good value for me if it all works this quickly in the current market. I dont see a problem paying a broker a fee if they do all the legwork and can potentially save you thousands on a good deal - a few hunderd quid is well spent for the service - think about how much solicitors and estate agents charge!! however is the broker is not so good - change!!

saveralot

I'm going to try another broker, and a free one. Thank you Tiddler. If I can stand the smarmy lying estate agents. Told a property had a garden, it was literally "big" enough for one chair, two for a cosy couple at a push! about 4foot by 3 foot.

Lost the one property as the AIP took so long it went to someone else who was ready.

p24296

selectcase wrote: »

I contacted buildstore on saturday for a self build quote as 11.am it was not simple as my credit record is less than perfect but i gave all the details. the guy got back to me at 4.00pm the same day saying TMB were a hopeful choice and we went through more details over the phone.. I have just recieved a wadge of paperwoek today to complete and have been told TMB have given me a AIP pending satisfactory checks. Buildstore are whole of market but do charge a fee of £395 for the service - good value for me if it all works this quickly in the current market. I dont see a problem paying a broker a fee if they do all the legwork and can potentially save you thousands on a good deal - a few hunderd quid is well spent for the service - think about how much solicitors and estate agents charge!! however is the broker is not so good - change!!

Hi I know it's been a while since you were making your application but I would be interested to know if you got it through successfully and also how less than perfect your credit score was