Got Decision in Principle query

countingthepennies395

Hi everyone,

We got a Decision in Principle from our bank, but now we are going ahead with our application, they want us to undertake another one - our first DiP is still valid under their '90 days' policy. Anyone know why this is? When we got the first one, we were told we could go ahead with our application as soon as we wanted to.

Concerned about undertaking multiple credit checks within a two month window.

Thanks in advance. 🙂

marksoton

adele_swinge wrote: »

Hi everyone,

We got a Decision in Principle from our bank, but now we are going ahead with our application, they want us to undertake another one - our first DiP is still valid under their '90 days' policy. Anyone know why this is? When we got the first one, we were told we could go ahead with our application as soon as we wanted to.

Concerned about undertaking multiple credit checks within a two month window.

Thanks in advance. 🙂

Are you sure it's for another DIP? If so that sounds strange.

Have you actually asked them why?

Levs01

Is it the same lender?

I wouldn't worry too much f the only other hard search is for the first DIP. I have 2 from one lender 5 days apart. 2 from another lender 2 months apart, 1 from another lender (bad broker put us with a non suitable lender the first time and we are getting a remortgage for BTL and a new residential) and we have both offers through.

countingthepennies395

marksoton wrote: »

Are you sure it's for another DIP? If so that sounds strange.

Have you actually asked them why?

That's what they said. I called to say we had found a property and wanted to go ahead with our application - the original DiP has around 12 days left on it. The woman on the phone said 'this wouldn't be enough time to complete' so we need another DiP. I understand that we won't be able to complete on our house in 12 days, but why does the DiP specify it's valid for 90 days, if you'll need another before the time is up?

It'll be another hard credit check, they said.

marksoton

adele_swinge wrote: »

That's what they said. I called to say we had found a property and wanted to go ahead with our application - the original DiP has around 12 days left on it. The woman on the phone said 'this wouldn't be enough time to complete' so we need another DiP. I understand that we won't be able to complete on our house in 12 days, but why does the DiP specify it's valid for 90 days, if you'll need another before the time is up?

It'll be another hard credit check, they said.

While i'd say all lenders do have their own policies but that sounds like rubbish. If you're putting in your full application another DIP serves no purpose whatsoever.

Given most DIP's have a limited validity period and a "typical" house sale can take months i'd wager most DIP's would be invalid by completion.

Try re-posting on the mortgage board. The brokers who frequent there may be able to shed more light on it.

kinger101

Have to agree with the above. DIPs are redundant once an offer has been accepted. You need to progress this to a full application (assuming the chain is complete). I'd just phone the bank again and this time you'll probably speak to someone who knows what they are talking about.

marksoton

kinger101 wrote: »

Have to agree with the above. DIPs are redundant once an offer has been accepted. You need to progress this to a full application (assuming the chain is complete). I'd just phone the bank again and this time you'll probably speak to someone who knows what they are talking about.

I was tempted to say this. But having only had one mortgage via a broker didn't want to risk it!

My guess, ( and that's all it is) is that the OP hasn't spoken to one of the mortgage team at said bank. And worse than that, a call centre! :eek:

I certainly wouldn't be agreeing to a second hard search on the premise described.

countingthepennies395

Thanks all for taking the time to reply. I'm going to query it again.

marksoton wrote: »

I was tempted to say this. But having only had one mortgage via a broker didn't want to risk it!

My guess, ( and that's all it is) is that the OP hasn't spoken to one of the mortgage team at said bank. And worse than that, a call centre! :eek:

I certainly wouldn't be agreeing to a second hard search on the premise described.

You're right! We had our initial DIP interview with the bank's mortgage adviser but Called their call centre to arrange a full application appointment as the branch itself was closed. That's when they said this about a second DiP. Thanks for your advice on this.