Does AIP mean rate is guaranteed?

[MsShopper]

We’ve had the same mortgage lender (HSBC) since we bought our house almost 6 years ago, so have ever remortgaged with another lender before.

HSBC’s rates have shot up overnight (yesterday’s cheapest of 3.72% is 4.94% today) so we’re now shopping around. We’ve put through an online application with Lloyds (cheapest rate 3.79%) and received the API and carried on with the application. We’re now just waiting for them to check everything, which it says takes 5-10 working days.

As part of the application, we selected the 3.79% deal. But does anyone know if that rate is guaranteed while they do the checks? Or do we just have to cross our fingers and hope they don’t hike their rates during that time?

I don't think the rate is guaranteed until you have an actual offer but I'm not 100% sure

No. When I spoke to a Lloyds mortgage adviser they told me the rate is not guaranteed until the full application is approved (we lost a good rate to market turmoil a while ago).

Thanks so much for replying. I managed to get through to Lloyds on the phone and the rep said as long as we have accepted the mortgage “illustration” (which we have) then that rate is guaranteed up to a certain date, which he said is the end of Feb. So assuming they’re happy with the application and documents we provided, we should be okay. But I’ll report back if that’s not the case.

My understanding is an AIP doesn't lock you into anything but submitting an application should, in theory, lock you into the product that you applied for.

I'm in the same situation - we agreed to the mortgage illustration on Tuesday and our advisor at Lloyds said the rate is secured until February. He also confirmed it in an email.

Oh that’s a relief to hear! Thanks for replying. 😊