We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
FIRST TIME BUYER Decision in Principle
Options
Hopingyoucanhelp
Posts: 1 Newbie
As a first time buyer I am receiving conflicting advice from the two mortgage providers who are able to lend to me. Which is correct?
1) You can only have one deciscion in principle with one lender at any one time and this 'locks' you to that lender for 90 days.
2) You can have a couple of DIPs concurrently but this can affect your credit rating as they both show as searches?
Please can you advise me? Thank you
1) You can only have one deciscion in principle with one lender at any one time and this 'locks' you to that lender for 90 days.
2) You can have a couple of DIPs concurrently but this can affect your credit rating as they both show as searches?
Please can you advise me? Thank you
0
Comments
-
1) is nonsense
2) is not to be advised but is correctI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Who told you number 1?
I suspect they were trying to tie you in to them so you wouldn't look around.I am a Mortgage Adviser
You 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 -
Imagine the carnage if 1) were true!I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
My moneys on a corporate EA advisor.
"Great news, I have run your AIP for you and you passed, oh, just so you know you are now tied to me and this lender for the next 90 days!"I am a Mortgage Adviser
You 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 -
... and give me your original payslips and P60 for safekeeping.My moneys on a corporate EA advisor.
"Great news, I have run your AIP for you and you passed, oh, just so you know you are now tied to me and this lender for the next 90 days!"I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards