Hints & Tips - Guarenteed AIP`s
Q. Will the guarantee apply to pipeline cases - i.e. where the AIP is produced before the implementation date?
A. The Guaranteed AIP service will not apply to pipeline cases, the guarantee will only apply to cases that have been submitted from 03 September 2007.
Q. If an AIP has been previously keyed on an earlier version of our online software and is converted to full application after the successful upgrade to version 8 will the case benefit from the guaranteed AIP service?
A. No, the Guaranteed AIP service will only apply to an AIP/Full Application submitted on version 8 on or after 03 September 2007.
Q. If information relating to an AIP/Full Application changes post submission will the decision to lend be affected?
A. Potentially:
- Changes to customer name(s), Address(s) and Date of birth(s) including spellings will result in a refreshed credit search being used for lending purposes
- Changes to affordability significant data i.e. Loan to Value, Income, term, etc. may result the case being re-assessed for both affordability and underwriting purposes
Q. Does the guaranteed AIP service apply to applications where there are more than 2 previous names and/or addresses?
A. No, only the first 2 names and addresses can be automatically assessed for each applicant. Manual searches are required to be carried out on the 3rd+ name/address for each applicant.
Q. How long are Guaranteed AIP's valid for?
A. An AIP needs to be converted to a full application within 90 days of first being registered.
Q. Does the guaranteed AIP service apply to mortgages on a Non Simultaneous basis?
A. Yes, Guaranteed AIPs are available for applications on a Non Simultaneous basis, it is important that we are made aware of the customer type at AIP stage to ensure that an accurate promise can be provided to the Intermediary.
Please note, if a request for a Non Simultaneous mortgage is made after an AIP has been issued, the case may need to be re-assessed for both affordability and underwriting purposes
Q. Does the guaranteed AIP service apply to Buy to Let mortgages for non Halifax brands?
A. Yes, Guaranteed AIPs are available for Buy to Let mortgages, it is important that we are made aware of the mortgage scheme at AIP stage to ensure that an accurate promise can be provided to the Intermediary.
Please note, if a request for a Buy to Let mortgage is made after an AIP has been issued, the case may need to be re-assessed for both affordability and underwriting purposes
Q. Affordability is assessed differently for some fixed rates, if the mortgage product is amended at any stage during the process what will be the impact on the guaranteed AIP?
A. Changes to the mortgage product will not effect the credit search information the case is assessed on however, a re-assessment will be carried out to determine the correct maximum loan amount for any newly selected product.
Q. Will the new Guaranteed AIP system give us an absolute assurance that you will not request additional information?
A. No - If data changes whilst the case is being processed through to completion, then additional information may be requested.
Q. What if I add an additional applicant at conversion of the AIP?
A. A new credit search will be carried out for all applicants and the refreshed/new bureau information will be used for both lending and affordability purposes.
Q. What happens after 90 days?
A. If the AIP has been converted to a full application, the credit search carried out at AIP will be used throughout the full application. If not, a new credit search will be carried out and the refreshed bureau information will be used for both lending and affordability purposes.