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  • FIRST POST
    • Elfinpie
    • By Elfinpie 20th Mar 17, 12:04 PM
    • 34Posts
    • 4Thanks
    Elfinpie
    Time taken to get DIP?
    • #1
    • 20th Mar 17, 12:04 PM
    Time taken to get DIP? 20th Mar 17 at 12:04 PM
    Hi,

    We went to see our (third) broker on March 9th and left him with all paperworkayslips, bank statements, credit report etc. We still haven't received a DIP. Is it normal to take this long? We have called and emailed and I finally got an email on Friday to say 'still chasing, will get back asap'. I've checked with the CRA's to see if any soft searches have been done and they haven't. What could he be chasing? I did email straight back to ask and he hasn't responded. I'm feeling so dishearten by it all
Page 1
    • kingstreet
    • By kingstreet 20th Mar 17, 12:08 PM
    • 32,212 Posts
    • 17,252 Thanks
    kingstreet
    • #2
    • 20th Mar 17, 12:08 PM
    • #2
    • 20th Mar 17, 12:08 PM
    Sometimes, it takes time to get in the position to actually do the DIP which itself takes ten minutes.

    Checks may be required with the lender to establish if you meet criteria.

    What type of lender are we talking about, high street, specialist?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • ACG
    • By ACG 20th Mar 17, 12:15 PM
    • 15,771 Posts
    • 8,068 Thanks
    ACG
    • #3
    • 20th Mar 17, 12:15 PM
    • #3
    • 20th Mar 17, 12:15 PM
    I agree with Kingstreet. The DIP takes minutes to key, but before doing that the research has to be done to find the best deal for what you are after and then to check whether the lender will actually accept you/the property.

    That can take anywhere from 10 minutes through to a couple of days...depending on what has to be checked.

    But it should not really be taking 11 days. They are either too busy or are struggling.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Elfinpie
    • By Elfinpie 20th Mar 17, 12:20 PM
    • 34 Posts
    • 4 Thanks
    Elfinpie
    • #4
    • 20th Mar 17, 12:20 PM
    • #4
    • 20th Mar 17, 12:20 PM
    Thank you for replying. He has not given any indication of the type of lender. We don't have ccj's or defaults but a few late payments in 2014 for me (a storecard), an AP at beginning of 2016 for 4 months for a water bill and an AP in 2016 for my husbands bank account (currently disputing, which I know doesn't count for anything at the moment) in Oct 2016. So maybe it would be adverse?
    • ACG
    • By ACG 20th Mar 17, 12:38 PM
    • 15,771 Posts
    • 8,068 Thanks
    ACG
    • #5
    • 20th Mar 17, 12:38 PM
    • #5
    • 20th Mar 17, 12:38 PM
    An AP I would class as adverse, it is also fairly recent so probably not the easiest to place but still should not be takig 11 days to come back to you.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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