London & country DIP

Benorient

Hello all
First time buyer here,

After a 20 minute chat with an advisor from L&C I have received via email a decision in principal. The only details I disclosed were net earnings, credit commitments and outgoings aswel as the amount we are looking to borrow and what kind of deposit we have. No credit check was carried out - does this sound legit?

Thanks In advance

ExpertAdvice

Hi

Are you sure its an Agreement in principal or just a KFI (quote)?

Much more information is required to do an AIP.

Benorient

The heading on the document states Decision in Principal. I was told to get back in contact with them when I get an offer accepted and they'll take it from there. All seems to simple

hanfrangipane

I had one of these but it's basically just an affordability calculation. I offered on a house but estate agent won't accept L&C DIP, it needs to be from a lender. I've gone with a local broker and we've applied for a DIP with Nationwide

Benorient

Thanks for the reply, I thought just as much. Ill seek out a local broker and go from there.

Zoology_Dragon

We had the same thing from L&C, when we had an offer accepted the EA accepted it no problem. I don't think you need to go rushing off getting another one.

Benorient

Thanks for your comment, that's good to hear. How did you find the rest of the procedure with L&C? there's some pretty grim threads iv found on here about their service

enginesuck

Went through the same, they don't credit check you, they asses your likely hood of getting accepted with certain lenders, once you have made an offer they then reasses as to how much the property is and that's when the check is done, that way they don't need to carry out multiple credit checks. I though it all seemed a bit too easy, but I am here in my new home to prove that it works !

Benorient

Thanks for your input, that sounds encouraging

PinkLemonade_2

Have just used them. EA accepted their DIP with no problem, but I'm not in an area of the country where the property market is intense or competitive. Our mortgage has been offered, so I can't complain, really. There were some mistakes, so I would definitely read through the application and make sure all facts are correct and question (persistently) anything that isn't. Also, as they're choosing the mortgage product based on the information you're giving them, you should, of course, be exceedingly honest.

Benorient

Thanks for the advice, iv disclosed everything to them - our credit files are clean with no defaults or late payments, there is an element of debt which I had to agree for some to be cleared by completion (which we intended to anyway) He said with our incomes and deposit there should be no worries in what we are after.