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Any DRO advice please?
consumers_revenge
Posts: 3,568 Forumite
Hi,
My friend is about to but a house. Him and wife have been to bank and been offered a mortgage in principal ( they said £300k but that sounds way too high )
They want 200k and mate is on a good wage 40/45k ish. Wife 12-16 dependant.
The only thing that might scupper them is a debt relief order from a couple of years back on her side before they got married.
This has not yet been discussed in the pricipal offer only 'have you been made bankrupt?' to which truthfully they could answer 'no.'
Whats the likelyhood of the DRO? any advice please?
Keeping fingers crossed here
Cheers.
My friend is about to but a house. Him and wife have been to bank and been offered a mortgage in principal ( they said £300k but that sounds way too high )
They want 200k and mate is on a good wage 40/45k ish. Wife 12-16 dependant.
The only thing that might scupper them is a debt relief order from a couple of years back on her side before they got married.
This has not yet been discussed in the pricipal offer only 'have you been made bankrupt?' to which truthfully they could answer 'no.'
Whats the likelyhood of the DRO? any advice please?
Keeping fingers crossed here
Cheers.
0
Comments
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If the lender has done only a soft search, this may not be sufficiently robust and the DIP is giving false confidence.
It depends on the lender.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.0 -
Apologies but ...... DIP?
Dont think they went too deep into history at this point.
0 -
DIP, or AIP, means a decision / acceptance in principle. This sets out what the lender is likely to lend someone in principle - useful when looking for properties because you know what you are likely to be able to borrow.
When you actually put in a mortgage application on a particular house, the lender does a full credit check and looks at more detail in deciding whether to actually make you an offer of a mortgage.
Different lenders use different amounts of detail at the DIP / AIP stage.0
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