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When do you apply for a mortgage?
Comments
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Always interesting to get a different view point.
I can see the logic in that, however I'm sure I'm not the only one who's had a new client approach them having made an offer on their dream house only to find out they can't get a mortgage.I am a Mortgage BrokerYou 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 -
David_White wrote: »Always interesting to get a different view point.
I can see the logic in that, however I'm sure I'm not the only one who's had a new client approach them having made an offer on their dream house only to find out they can't get a mortgage.
I guess AIP is not a guarantee of a mortgage as it doesn't delve deeper into a person's true affordability. It's only a skim the surface and make sure their not bankrupt e.t.c.
Historically people get a Halifax AIP as their quite easy to get, but doesn't mean you will get a mortgage offer."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I, personally, would want some sort of indication that I would be able to get the mortgage before even viewing properties. Whether that was by talking to a broker, talking direct to a lender or getting an AIP, etc, is somewhat irrelevant.
I agree that you shouldn't ever reveal to an estate agent how high you're able to go before having an offer agreed!0 -
I was sat with a lender who do soft fotprints at DIP stage on Wednesday (not halifax) and we were talking about this.
They were saying that if they found brokers doing say 40 DIPs in a year but only a minority proceeded to a full application, they would have a word. If it carried on they would seriously look at taking them off panel.
Thats what I do - partly because I think its the right way but also its easier. Sitting there and reading through something is far easier and quicker than copying information from a factfind and typing it all in.
2 companies have said the same thing as have my current and previous compliance network.
It will never be 100% accurate but neither is a soft footprint DIP. Infact if we are being totally honest, neither is a DIP. I could go and get a DIP for £400k tomorrow. I could never get it to complete though as my income is just a little bit shy of what I would need :PI am a Mortgage AdviserYou 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 -
I was sat with a lender who do soft fotprints at DIP stage on Wednesday (not halifax) and we were talking about this.
They were saying that if they found brokers doing say 40 DIPs in a year but only a minority proceeded to a full application, they would have a word. If it carried on they would seriously look at taking them off panel.
Thats what I do - partly because I think its the right way but also its easier. Sitting there and reading through something is far easier and quicker than copying information from a factfind and typing it all in.
2 companies have said the same thing as have my current and previous compliance network.
It will never be 100% accurate but neither is a soft footprint DIP. Infact if we are being totally honest, neither is a DIP. I could go and get a DIP for £400k tomorrow. I could never get it to complete though as my income is just a little bit shy of what I would need :P
I thought you guys earned big bucks"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
It will never be 100% accurate but neither is a soft footprint DIP. Infact if we are being totally honest, neither is a DIP. I could go and get a DIP for £400k tomorrow...
How?
I'm baffled by much of this affordability checking. I realise that some checking of whether the buyer can afford to borrow is necessary, but *why* does it all seem so veiled in secrecy...0 -
I dont think I will be living in a £400k house any time soon. I dont even do the lottery now, I couldnt win it with 49 numbers, I have no chance with 59!
The afordability calculators are on the lenders websites. Have a mess around on them, there is no secrecy. They do not release the algorhythm behind it but you could argue thats commercially sensitive information, competition can see how they work, applicants could manipulate the system etc or it could just be that complicated it would baffle Rachel Riley let alone the average man in the street. There is no need for me, you or anyone outside the company to know how it works, just whether they will lend you what you want or not.I am a Mortgage AdviserYou 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 -
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The first part of that paragraph...The afordability calculators are on the lenders websites. Have a mess around on them, there is no secrecy.I am a Mortgage AdviserYou 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
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The first part of that paragraph...
It's a very rough guide at best - look I've nothing against mortgage brokers, they save customers time (and money) and help them achieve their aim. I will undoubtedly use one again. But there is no doubt that it really isn't very clear what will affect your chances of getting a mortgage.0
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