Worried about Halifax DIP

Locornwall

My partner and I are in the process of putting in a DIP with Halifax. We received an AIP recently passing afgordability. I am concerned about my application for the following reasons:

1. We are just inside afgordability. I was accurate with income and outgoings. My afgordability was close to 226000 and I am looking at borrowing 223950. In addition to this I am looking at putting the mortgage product fee of £1499 on top of the mortgage. I'm concerned this is close. Also, I have just been to halifaxs afgordability tool and put in relevant amounts. The tool told me I could only afford £222600.

2. I'm pretty sure this won't be a problem as I was granted a mortgage with nationwide 2 years ago, however I have late payments showing on my file from 7 years ago.

3. Unfortunately I took out a couple of payday loans late last year, which were paid in full but show on my file.

The house is £280000 and I have a 20% deposit (£56000)

I have applied for a mortgage over 25 years. If afgordability was a problem would Halifax give me the option of borrowing over a longer period?

amnblog

Don't assume you know how to use the Halifax calculator. If you do it is accurate.

Extending the term will extend affordability should you need to if you are not year in your forties.

If you want the job done properly, use a broker.

Contemptuous

A DIP and an AIP are the same thing..

Locornwall

Yes, I am using a broker. I am in my late 30s.

What about the credit check conducted during AIP, how does that stand when doing a DIP?

I bank with Halifax and have a good lending history, will they look at that separately during application?

In_For_A_Penny_2

Locornwall wrote: »

What about the credit check conducted during AIP, how does that stand when doing a DIP?

As another poster has pointed out, these are the same thing.

Locornwall

At AIP stage a search was definitely carried out on my experian file. Will they also do a search with other credit reference agencies at AIP and DIP stage?

amnblog

Locornwall wrote: »

Will they also do a search with other credit reference agencies at AIP and DIP stage?

As another poster has pointed out, these are the same thing.