Poor Credit score - DIP obtained via broker - reliability

chromac

Thrugelmir wrote: »

From the Barclays website.

I didn't do the DIP myself, it was my mortgage broker he carried it out via his intermediary systamajig, and I can assure you a hard credit check appeared on my experian the next day

The first DIP response we got was 'Provisional Accept - Subject to underwriter approval' and me and my partner had to scan and send some documents, it was then changed to accepted.

Senior_Paper_Monitor

That fits in with £1 over criteria issue - my verdict is very much still out based on what you subsequently told us (frankly I wouldn't like to pre-guess this one - and I rarely sit on the fence in such matters)

chromac

Senior_Paper_Monitor wrote: »

I wrote my previous comment before seeing it was HTB - I think its outside HTB criteria (we rarely do HTB so am not sure and that definition appears to have gone from the HTB site - where's Kingstreet when you need him ?).

I could envisage this not being picked up at initial stage by automated credit check but subsequently failing manual - but probably still worth a punt.

I remain fascinated to hear the outcome (and am sorry to add to your stress).

Oh no! Well he did scribble the following on the bottom of my DIP accept:

"Hi 'Chromac'

I have obtained an accept - subject to underwriter approval for you - based on a purchase price £272,000 with you taking £54,000 (20%) on the government equity scheme and putting down £13,600 (5%) own deposit"


So I hope that was already been taken into consideration

chromac

Senior_Paper_Monitor wrote: »

That fits in with £1 over criteria issue - my verdict is very much still out based on what you subsequently told us (frankly I wouldn't like to pre-guess this one - and I rarely sit on the fence in such matters)

I'm hoping maybe my partners good credit rating helped a little bit? I have no idea how its all scored...... but err........ yea, I think I'll just have to wait and see.......

Senior_Paper_Monitor

I think your adviser is doing a pretty good job for you (whatever the outcome) and he has far more understanding of your detailed circumstances available to him that we have - so it is probably unfair of us to start pre-guessing.

You have little option than to sit back, have a large gin and let him get on with his job.

ACG

Adverse credit is specified as not acceptable on the Mortgage guarantee but I do not think that is the same on the equity loan? (Agree with SPM...Where is Kingstreet?).

Assuming the default is only an issue with the Mortgae guarantee then I think this can be battled through with a good account manager. It is a low LTV technically (75% LTV) and it is out by £1.

chromac

My broker really is doing a stellar job, And he doesn't charge a fee until I get an accepted mortgage and even then his rates are EXTREMELY competetive - I can tell he is doing a lot of running around. And he certainly has made me understand the process a lot more than I did.

Jennifer_Davey

Hi Chromac,

In an almost identical situation except we're 90% LTV with no HTB. AIP obtained through Natwest with a hard search on my CR.

Would love to know how you get on! It's made me feel loads better about our full app going in next week!

Brightspark87

love to hear how this is going OP?