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The first step in the mortgage application process, the AIP, essentially means that you have been approved for a mortgage with Yorkshire Building Society and we have informed you of the amount that we would be prepared to lend you for a mortgage. You will receive a confirmation email from us stating our decision which you can then use to prove to estate sellers that you have the necessary finance in place to purchase a property.
Most of the action at this point comes from you the customer, although we will confirm the AIP decision by email. You can either proceed directly onto your full application – in branch, over the phone or by continuing online - or you can save your AIP and come back to complete a full application later.
This means we need to gather further information from you before we can provide you with a lending decision. We recommend that you wait until our underwriters contact you, before proceeding with your application. It’s important that you provide full contact details in your Approval in Principle so we can get in touch with you.
Our underwriting team are in charge of ensuring that they gather all necessary information from you in support of your application. They make the final decision on your Approval in Principle application.
When your full mortgage application is complete we will begin to process your application. This takes 10-15 days, although it can vary depending on whether or not we need to see any further information or perform any additional checks.
You mortgage application will be allocated to one of our case managers – this takes around 24-48 hours after you submit your application. You’ll hear from your case manager should any further documentation or information be required from you.
The offer details the terms of your mortgage and the breakdown of the costs included in your loan, so you should read all the details carefully before accepting the offer. You can refer back to YBS if you need to ask any questions about the offer – or you can contact your legal advisor who will also receive a copy of the letter. Your mortgage offer is valid for 90 days.
At this stage you will probably find that you receive most communications about your mortgage from your solicitor or legal advisor, rather than us as your mortgage provider. However we may contact you if there is anything further we need to know or any outstanding actions you need to take.
Speak to one of our friendly mortgage advisers about your options