Does A Broker Provide A DIP?

wrkactjob

I thought only a lender provided a DIP/AIP?...what does it mean if a broker does a credit check on you to supply a DIP?

This has been done by NHMH the new homes mortgage helpline...which has come back as "referred"

Will other lenders be able to see this?...they don't supply credit I'm asking them to point me in the direction of a lender suitable to my needs who I would expect to carry out a DIP.

Senior_Paper_Monitor

The broker places a DIP/AIP application with the recommended lender.


They should always make sure the client is fully aware of the action and in particular the credit check being conducted - if you wanted a gentle "you should try this lender" and go and do it yourself you chose the wrong company .. NHMH are part of Connells (a very 'sales driven' organisation - and not quite the charity helpline their name might suggest).

Mortgage_Mark_2

Yeah it's not really a watertight AIP from a broker - we do provide one for example but only in the situation whereby someone hasn't found a property but we've checked out someone's contract situation (we're contractor specialists) and their credit profile via all three CRA reports, as a lot of people do want something to say they could borrow £xxx, however worthless that might be. In fairness a lender DIP is pretty worthless in a lot of situations anyway.

Senior_Paper_Monitor

As the DIP concerned appears to have been "referred" (and the way Connells work) I would be pretty certain this has been sent to the lender, rather than an internal evaluation of income/expenditure/credit file(s).


It also establishes the brokers 'claim' on the case of course.