When to apply for mortgage in principle?

ACG

You didnt, but others may.

rochey1098

For the record Halifax DIP is just a soft search, Nationwide is a hard search. Double check before you do it because the hard search may affect your chances... soft searches aren't visible to other lenders so who cares


Edit: That's likely why Nationwide provide an "affordability check" as an alternative for people in this position

csgohan4

Nick_C wrote: »

My Santander Mortgage Advisor offered this service.



Didn't have any problem with multiple credit searches. We ended up getting two DIPs and three formal mortgage offers in the space of less than a year.

We wanted to be quite sure that we would get an offer before looking at properties. I needed a mortgage to age 75, and my OH doesn't have a permanent job, but has been working for different employers on short term contracts for the last 8 years.

You went direct, I am relating to brokers. Your mortgage advisor is not whole of the market are they??? Santander advisor therefore pushing Santander products???


For someone else 3 DIPS in a year may not be a good thing in terms of searches whether soft or hard.


DIP DOES NOT mean offer only 'in principle'. You can still fail on Application stage as a Full credit searches are not done on DIP.

ACG

rochey1098 wrote: »

For the record Halifax DIP is just a soft search, Nationwide is a hard search. Double check before you do it because the hard search may affect your chances... soft searches aren't visible to other lenders so who cares

The Halifax DIP is not worth the paper it is printed on.
So you may as well just do it properly, get your credit reports and look through them (NOT the score, but the atual report where the green, amber and red marks are).

Nick_C

csgohan4 wrote: »

You went direct, I am relating to brokers.

I was making the point that you don't need a broker in order to have someone who can confirm affordability over the phone without disclosing the maximum you can afford. My Santander Mortgage Advisor was happy to offer that service.

Your mortgage advisor is not whole of the market are they??? Santander advisor therefore pushing Santander products???

I went to Santander after researching the market thoroughly and finding they offered the best product for me. The Santander Mortgage Advisor arranged the mortgage that I asked for; she did not try to push me in a different direction or sell me anything extra.

For someone else 3 DIPS in a year may not be a good thing in terms of searches whether soft or hard.

I actually had two DIPs and three mortgage offers.

DIP DOES NOT mean offer only 'in principle'. You can still fail on Application stage as a Full credit searches are not done on DIP.

I understand what a DIP is. Thank you.