How long should getting a DIP take?

dailygeek

I've handed over all our details and documents etc to a mortgage broker recommended to me over a week ago. They have said that due to a number of late payments around two years ago (wife in full time education so things were tight in the third year, everything got paid, but a number of '1s' on things) plus a couple of Wonga loans from 2010/11, he would have to try and approach it from a different angle and get some DIPs before we meet to look at options.


I've had to chase with emails and voicemails but I've not heard anything back and we've seen a property we like so I either need to know if he can help us, or whether I need to go elsewhere for a DIP?


I get he might be busy, I'm sure he is in fact, but blimey is it meant to be take this long?


(If my broker happens to read this, don't be offended, just get in touch!)

ACG

Get some DIPS!!!!
Find a new broker!

Having a credit check (A dip) is fine, having 2 is probably fine also once you start getting beyond 3 its going to have an impact on your credit score. Its also a sign the broker is probably not up to the job.

You go to the best choice lender (for your circumstances) first and then work down until you find a lender who accepts you. Once you get to that lender you have no need to find another unless they decline you later on down the line.

dailygeek

Re-reading my email correspondence I think the plural of DIP may have been my error there ACG, but point taken and understood.

As is stands, should I be waiting this long? I mean I know the credit history isn't smooth.

ACG

Not really, the research will take time but only an hour or 2s research. If you said 3-4 hours by the time he was waited for call backs etc. Then he should be confirming the rates/fees and if you are happy submitting the DIP.

If it is accepted striaght away it will take an hour at most to submit, if it is referred it could take up to 48 hours but it does not sound like it has got that far yet.

Personally I aim to get an idea of rates within 48 hours of seeing the clients, once they tell me to make a start I aim to get a DIP within 24 hours. Usually its less than that but over promise and under deliver makes you look better than the other way around.

kingstreet

We received a new enquiry at 22:07 yesterday.

This morning, I set up the client file and emailed the client for further information at 07:58 which included their credit files.

These arrived at 09:57. I analysed them, established the best lender option and issued a KFI at 11:17. I now await the client's permission to proceed with a DIP (soft search only).

Once we have that, the DIP will be done immediately and they should be in a position to reserve their newbuild property later today.

We do around 25 newbuild cases each month and have to be able to respond quickly.

I do not know why a broker should take much longer without being able to tell you why it is taking longer.

dailygeek

I'm in a bit of a rock and hard place situation now as I can't get hold of him at all or get any response to emails or voicemails.


I don't really want to just go and find another broker without speaking to him first, a) because I'm not like that and b) because he still has all my ID and can just run credit checks anyway.


I don't mind if he comes up with the goods, but I've no idea if he's even conscious at this stage!

ACG

If he runs credit checks after you have asked him not to - I think he could find himself having to pay you a fair bit of compoensation - its not worth the hassle as a broker. It seems like he is busy anyway so I can not see that happening.