AIP/DIP - can I have 2 different ones at once?

(7 Posts)
NoPlanYet Tue 05-Apr-16 09:49:35

I was selling my flat and buying a house, close-ish to exchange so I have an AIP which then got turned into a firm mortgage offer.

My buyer has now pulled out and we're thinking of keeping the flat and renting it out instead now. I haven't told the onward purchase yet - it's all happened quite fast. I don't want to tell them and lose the house (exactly the same happened a few months ago with the same EA and we did lose that house).

My question is: Can I get a second AIP which relates to keeping the flat, withdrawing equity and using that equity as a deposit for the house, and also keep my other initial mortgage offer live? I'd like to have an AIP/offer for both options and choose which option to go for next week or the week after. Is that possible or can you only have one AIP / offer open at any one time?

Thanks

wowfudge Tue 05-Apr-16 09:52:37

I don't see why not. Are you aware of the new stamp duty implications of buying a second property without selling the first?

NoPlanYet Tue 05-Apr-16 09:54:23

I am aware of SD changes - I think unfortunately that's something I'm going to have to swallow! I'm hoping to sell the flat within the 3 years deadline so I'll get the SD back, and if I don't sell within 3 yrs then it will have gone up enough in value to overcome the extra SD, so either way that's not a concern at the moment.

bearbehind Tue 05-Apr-16 10:06:50

The claim back deadline is only 18 months (unless it changed after the consultation paper).

You can have multiple AIP's, the risk is having multiple credit checks on your file though.

NoPlanYet Tue 05-Apr-16 10:08:05

It did change after the consultation - 3 years now!

Good to know there is no reason I can't have multiple AIPs, thankfully my credit rating is good enough to withstand a mini battering I think.

bearbehind Tue 05-Apr-16 10:12:39

Blimey, I'd have thought more of a fuss would have been made about that change in the press as it is a pretty big concession- goods news for many though.

Good luck

NoPlanYet Tue 05-Apr-16 10:33:46

The press only like bad news remember!

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