Estate agent requesting information

Dotsy04

Just wondered what people's experience is in relation to estate agents seeking information following a bid being placed. We furnished the EA with a copy of our AIP letter (amounts blacked out) but did not provide the second page which just specified the documents which needed to be supplied conditional to the loan. It referenced both our salaries in relation to P60's that needed to be provided so we didn't feel that was any of the EA's business. We got a request back for a copy of the conditions . I understand that the vendors don't want someone in a chain as looking to move quickly but just wondered is this request commonplace in the current market. We're not in a chain...will submit final documents for full approval once we find our home. Just looking for opinions on whether EA is within their rights to request this info?

Tigger99

They can request all they like, you don't have to give it to them. Same with blacking out the aip amount.

The thing is tho, will an EA be slower to believe you have the funds needed and go for another bidder instead?

April 73

Why not give the list of conditions with your salaries blacked out?

An AIP document doesn't mean that much, if the conditions attached are difficult. I'd imagine the EA wants to see that there are no red flags attached to your AIP.

ThisRegard

The EA and vendor will see you as someone not yet having the funds though as you don't have full approval, and they don't know how things will go once you apply.

Can you not seek full approval before you find a house?

dori_dormer

ThisRegard wrote: »

The EA and vendor will see you as someone not yet having the funds though as you don't have full approval, and they don't know how things will go once you apply.

Can you not seek full approval before you find a house?

Full approval is only granted on a specific house theses days. The banks send out a valuer to make sure you haven't overbid and then they give you your full aporoval

ThisRegard

Ok, but is there a step inbetween approval in principle and full approval in such cases in which you're basically fully approved pending the valuation? The P60s haven't been submitted which are pretty important.

Dotsy04

dori_dormer wrote: »

Full approval is only granted on a specific house theses days. The banks send out a valuer to make sure you haven't overbid and then they give you your full aporoval

Yes I was just going to reply with same..that seems to be the way it's working these days. Get your AIP, go find a house and then submit application for full approval. I stand corrected though

Dotsy04

ThisRegard wrote: »

Ok, but is there a step inbetween approval in principle and full approval in such cases in which you're basically fully approved pending the valuation? The P60s haven't been submitted which are pretty important.

Probably..will contact the bank in question and check on Monday. The P60's were actually submitted when seeking AIP as were the bank statements and salary declarations but they listed them again as required documentation on the AIP pack. Not sure why...maybe because of the 6 month timeframe on said AIP...if a suitable house isn't found immediately then up to date statements would be required??!!

Water John

I think BOI is diff in that you are fully approved for the loan, subject to valuation, prior to finding a house.

Parchment

we have only ever given the letter that says " x and x have been approved for amount sought" and signed by our mortgage advisor in the bank.

No figures. Its literally a one liner!