Viewing with DIP for lower amount

inatdeepend

Little bit frustrating but not sure best tactic to use.

I have a DIP based on a previous property I was looking at that is still valid.

Now looking at other properties and rang up EA about looking at one. They said blah blah blah we need you to speak to our mortgage advisor to make sure you can afford it. No problem with that but I said, I already have a DIP and am not looking for any other mortgage advice nor to have all my details taken again. Emailed it over as requested.

Now EA is saying because the DIP is for about 40K than the asking price of their property, it isn't sufficient evidence and I will need to talk to their mortgage people, which I don't want to do - I only sought a around the mark I was looking at previous but could probably get one higher.

So a few options I think of :

a) Can I go back to the lender and ask for a higher DIP? And would this affect any searches?

b) Say to estate agents, well I am happy to provide a higher DIP only if I make an offer?

c) Say to EA, the property has been on the market 9 months, twice reduced already, if you don't let me view it I'll pop a letter through the letterbox when I'm passing next week?

kinger101

(a) never use any person the EA recommends;
(b) never let them know your upper limit, for example, by showing in-principle agreements, or talking to their mortgage advisers. If it comes down to it, you can get a solicitor to write a letter confirming funds are available. But you're not there until you make an offer.
(c) if the EA starts being a !!!!!!, directly contact vendor, letting them know EA is being obstructive.
(d) DIP can leave mark on your credit file, unless they are "soft searches". This could affect your credit rating. Only get them when absolutely required.

inatdeepend

Thanks, kinger. I already have the DIP, which is fine, but I'm not sure if I go back for a higher value whether it's essentially a completely new DIP , or whether the lender can just take my existing information with an increased amount and hence not leave another mark on my credit file?

stator

I'm afraid more and more EA are going this. It's absolutely shocking. You could try contacting the seller's directly via a note to see if they are aware the agents are turning away potential viewers.
Otherwise you could write a letter of complaint to the EA

kinger101

inatdeepend wrote: »

Thanks, kinger. I already have the DIP, which is fine, but I'm not sure if I go back for a higher value whether it's essentially a completely new DIP , or whether the lender can just take my existing information with an increased amount and hence not leave another mark on my credit file?

I can't see them upping the DIP without accessing your credit file. It will essentially be a new agreement. So it's a matter of finding out whether it's a soft search. Have your circumstances changed such that they're prepared up the amount they'd be willing to lend?

I certainly wouldn't get another just to view a property. It's simply not necessary. So for now, I'd just approach vendor directly to ask about a viewing.

inatdeepend

kinger101 wrote: »

I can't see them upping the DIP without accessing your credit file. It will essentially be a new agreement. So it's a matter of finding out whether it's a soft search. Have your circumstances changed such that they're prepared up the amount they'd be willing to lend?

I certainly wouldn't get another just to view a property. It's simply not necessary. So for now, I'd just approach vendor directly to ask about a viewing.

Yes, I think I may have to approach the vendor directly if the EA won't change their opinion.

And circumstances haven't changed, but I only asked for a DIP for the value of the previous property - according to most online calculators (which I know aren't totally accurate but a good guide) I could afford to borrow another 100K. I just didn't want to have a DIP with that amount - precisely so EAs didn't know exactly how much I could borrow at the top end!

m0bov

Go round and knock on the door. Ask if you can make a viewing and explain the ea is lossing a potential buyer.