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Nationwide DIP --> Full Application amount
liviboy
Posts: 563 Forumite
Hi there,
We are FTBs using Nationwide's Save to Buy account/mortgage.
I know that Nationwide credit check at DIP stage and I have a DIP from NW for a 95% LTV at £148,000
However the house we have decided to put an offer (Scotland) in for have accepted an offer of £135,500.
Do you think this will give us any difficulties with the loan amount being different between the DIP and full application? Will we need a new DIP or simply submit the full application?
Any thoughts appreciated...
We are FTBs using Nationwide's Save to Buy account/mortgage.
I know that Nationwide credit check at DIP stage and I have a DIP from NW for a 95% LTV at £148,000
However the house we have decided to put an offer (Scotland) in for have accepted an offer of £135,500.
Do you think this will give us any difficulties with the loan amount being different between the DIP and full application? Will we need a new DIP or simply submit the full application?
Any thoughts appreciated...
0
Comments
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A DIP is for "upto" that amount.
A lower amount will not be a problem.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 -
Thanks KingStreet...
I assumed that would be the case but other people were saying another DIP would be needed...
Cheers again :-)0 -
Nationwide only carries out another credit search if the full application is submitted after the expiry of the DIP, even if the amount is higher than the DIP.
When you do the DIP, it tells you what the maximum borrowing is, but only shows the actual amount requested, on the certificate.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 -
kingstreet wrote: »Nationwide only carries out another credit search if the full application is submitted after the expiry of the DIP, even if the amount is higher than the DIP.
When you do the DIP, it tells you what the maximum borrowing is, but only shows the actual amount requested, on the certificate.
I did wonder as the screen showed a limit of £167,000 but the certificate was for the house price indicated at the time.
Very interesting actually!0 -
The amount on the DIP cert is the requested mortgage amount, not the property purchase price.
It reads;-Decision in Principle - ACCEPT
This is based on a loan of £ 157,500.00 at 93.75% loan to value
17 December 2013
Case ID - M562000000
We are pleased to confirm that, following a credit search and credit score, your application has been approved in principle.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 -
kingstreet wrote: »The amount on the DIP cert is the requested mortgage amount, not the property purchase price.
It reads;-
Sorry, my poor use of language...by house price I meant mortgage amount (I.e. 95% of the price in my case).
That is it showed the 95% value as opposed to the max limit as you had previously advised :-)0
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