why can a mortgage fail After DIP Agreed

simonjstone_2

we have just had a DIP agreed with a couple of lenders. i was wondering why it could fail after this, i have had credit problems in the past but was accepted and have credit cards, hower the mrs cant get a credit card but has no credit hesitory good or bad. just want some advice as worried as we have had an offer accepted on a house we love.

grogdog

so long as you can prove information given on the dip then there should not be a problem, but nothing is guaranteed and you could be turned down on full app , so nothing can be taken for grantd till you get the offer out.

feisty1

this is not clear?

have u made a joint application & it passed the DIP stage but was knocked back further into the process?

simonjstone_2

got the joint app and dip approved and going through the process of gettingt the full offer

feisty1

so what's yr problem?????????????????

simonjstone_2

worried about it failing after the dip has been offered

feisty1

it is exactly as grogdog has posted earlier, nothing is 100% until the final underwriting checks are done and offer issued. Who is yr lender?

simonjstone_2

first direct

feisty1

well i guess so far so good considering yr wife had no credit history, fingers & toes crossed, hope it goes ok

turbobob

I was under the impression a lot of mortgages are falling through when the valuation survey is done. If the house is valued lower than expected then it can mean you won't qualify for the LTV requirements of that particular lender.

koexelek

I had it happen to a client with C & G the other week.

I got him an agreement in principle for £99000. Two weeks later, he came back to say he now only needed £97000.
Because of the change in borrowing, it had to be re scored. This time it declined.
C & G said it was because they had tightened their scoring between the two searches.