How long is a DIP with Nationwide valid for?

TMC35

Hi,

Does anyone know how long a mortgage DIP with Nationwide is valid for?

We have a save to buy account and want to get a DIP now but going on holiday for 2 weeks in 2 weeks time and I read something somewhere about them only being valid for 30 days...... If this is the case would I need to get another one if I don't find a house before we go away???? I don't know how it all works.....

Thanks in advance

fuelman_2

We were told our DIP from nationwide lasts for 3 months.

TMC35

Oh that's great thanks!

dj.boz

It says how long it is valid for on you DiP. Mine was also valid for 90 days.

Thrugelmir

A DIP is not a guaranteed mortgage offer. So bide your time and wait for the right property to come along.

Wh05apk

All a DIP/AIP is, is an indication that at the time it was done you et their criteria, it could be 5 minutes after the dip was issued they change their criteria and you would fail if you applied (yes I have had that happen when a lender changed their policy on interest only) but generally speaking if there are no changes to your circumstances, and you are not borderline you should be ok for a "while"

TMC35

Thrugelmir wrote: »

A DIP is not a guaranteed mortgage offer. So bide your time and wait for the right property to come along.

Thank for your reply.

Reading on the forums and other articles for FTB's I have seen online it says that getting a DIP is the best thing to do as the EA/Vendor will take you more seriously, this is why we thought this was the best thing for us to do as a starting point before we start looking...

A friend of mine recently lost a house as the other couple interested had a DIP already and so the vendor went with them as they said they were less risk in terms of being able to get the mortgage.

As I say I am basing this on articles I have read and things I have heard...

can anyone advise on whether it's best to get a DIP first?

Thanks

Building_Surveyor

Whatever you do i wouldn't show the EA the DIP. By all means say you have one but I wouldnt disclose the value.

TMC35

Building_Surveyor wrote: »

Whatever you do i wouldn't show the EA the DIP. By all means say you have one but I wouldnt disclose the value.

Thanks, yes I had read that this was a no no, so will keep the details of it private.

dj.boz

I would get the DiP, as it's one hurdle (of many!) out the way. When I was veiwing houses I would phone up the Estate Agents telling them that I am interstered in 'X' property and that I have a Decision in Principal. That was always enough to arrange a veiwing.

Wh05apk

Yes definitely get a dip, it shows you are serious and can potentially go ahead.