Had our DiP- what now?

prioryclosegirl

We just had our decision in principle confirmed yesterday after it had gone to underwriters for checks for well over a week. They checked our credit files and payslips and then gave the decision.

Will we still need to be checked again when we have our full application or is that it done now apart from the valuation?

Wozza85

I think it depends, apparently some lenders won't check you again and some will.

Keekles

Usually lenders don't require payslips at DIP stage and purely go via credit checks and numbers given. It's also an automatic process so doesn't require an underwriter to consider it manually.

At the point of full mortgage application, all supporting documents are submitted to underwriters for review; essentially checking that everything is as it was declared for the DIP. Usually in cases of a DIP being accepted, provided everything you've given is true, there aren't many complications in the process.

Hence the initial stage being in principle as opposed to a full mortgage application.

TBagpuss

Also be aware that the mortgage company may do further checks just before you exchange.

Yorkie1

TBagpuss wrote: »

Also be aware that the mortgage company may do further checks just before you exchange.

and/or before completion.