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Decision in Principle
bookadict
Posts: 254 Forumite
Dear all,
I'm hoping that someone can shed some light on this for me. My partner and I are looking into getting our first property and have been given an DIP on a mortgage, which will be coming from the sub prime market.
I unerstand this means that we've sort of got it, however it's not 100%. Am I right or am I barking up the wrong tree?
Sorry if this is a duplicate post.
Cheers,
Cx
I'm hoping that someone can shed some light on this for me. My partner and I are looking into getting our first property and have been given an DIP on a mortgage, which will be coming from the sub prime market.
I unerstand this means that we've sort of got it, however it's not 100%. Am I right or am I barking up the wrong tree?
Sorry if this is a duplicate post.
Cheers,
Cx
Sealed pot challenge 2009 - target £750. Dec - April £275
April NSD - 15/20
April NSD - 15/20
0
Comments
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A decision in principal can mean just that you fit their credit criteria and in principal they should be able to provide you with a mortgage.
This is the same regardless of it coming from a sub-prime market or the prime one.
Only once a valuation has been done and the lender has received the paperwork that they need and got the references required from emlpoyer etc and an offer produced will the mortgage normally be guaranteed.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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