FTB, DIP got from L&C no idea what im doing..

TeeDeeTee

i'm a FTB & have got a DIP from L&C. have found a house offer accepted but have over £25k worth of debt and terrified i will be declined but then why did the DIP work?
everything is being paid off no missed payments but this is just a long process. on Experian my credit rating is down as excellent but what does this actually mean?
the application for the mortgage was submitted today to west brom building society so now i wait.
Anyone been in a similar situation?

sgx.saint

TeeDeeTee wrote: »

i'm a FTB & have got a DIP from L&C. have found a house offer accepted but have over £25k worth of debt and terrified i will be declined but then why did the DIP work?
everything is being paid off no missed payments but this is just a long process. on Experian my credit rating is down as excellent but what does this actually mean?
the application for the mortgage was submitted today to west brom building society so now i wait.
Anyone been in a similar situation?

You will get lots of help and advice on here, so I'm sure someone more experienced than me will be along shortly.

One thing I would say is that L&C do not credit check you, so their DIP is based purely on what you have told them over the phone.

I would expect that the actual lender (West Brom Building Society) will do the credit check.

amnblog

If you are using L&C and are unsure you need to speak to them.


They are supposed to be providing you a service and answering your questions - they are best placed to answer your queries.

TeeDeeTee

Thank you both, it is so confusing when you are a FTB as people assume you know the process.
Just had confirmation from L&C that we now have a DIP from West Brom so suppose that is good news at least.

enginesuck

As long as you have been honest -you are fine. I was a FTB with L&C and found it very easy. Use their online tracker to help you understand whats happening - they will have emailed you or texted how to login.