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DIP - New rules !!
rac060804
Posts: 10 Forumite
Hi all
Thought Id post a qui question to see your views.
At the start of the year we were looking to move house and went to the FA and were given a DIP from the Halifax which expired on 14/04/14. So as normal we put our house on the market and waited. Around the 11 of April we received an offer on our house, found one we like and offered on that which was accepted. So, got in touch with the FA to process the application to be told that the DIP was no longer valid due to regulation changed (but my DIP didn't expire until the 14th).
I suppose my question is, where do I stand if I am unable to get another mortgage? Some years ago I had a few late payments due to redundancy and 11 months ago I had an issue with Lloyds where I was wrongly advised and was hit with a default which I pursued through the Ombudsman and received compensation for, but they wont remove the default....
Look forward to some info
Cheers
Thought Id post a qui question to see your views.
At the start of the year we were looking to move house and went to the FA and were given a DIP from the Halifax which expired on 14/04/14. So as normal we put our house on the market and waited. Around the 11 of April we received an offer on our house, found one we like and offered on that which was accepted. So, got in touch with the FA to process the application to be told that the DIP was no longer valid due to regulation changed (but my DIP didn't expire until the 14th).
I suppose my question is, where do I stand if I am unable to get another mortgage? Some years ago I had a few late payments due to redundancy and 11 months ago I had an issue with Lloyds where I was wrongly advised and was hit with a default which I pursued through the Ombudsman and received compensation for, but they wont remove the default....
Look forward to some info
Cheers
0
Comments
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Oh dear. Good luck....welcome to MMR.0
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Halifax DIP is not worth the paper its written on. Its a soft footprint.
That aside, its a decision in principle... based on you doing x, x and x. They can decline an application any time they like.I am a Mortgage AdviserYou 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.0 -
It would be to your advantage anyway to do another DIP as we are now in the new regs. The app will be assessed on the new regs regardless, so it's better to have the DIP in place rather than get a decline on an app. Lots of wasted time, energy, money and negative marks on your credit file. At least a new DIP will give you an idea of how you may fair in the application. Good luck!0
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