Time taken to get DIP?

Elfinpie

Hi,

We went to see our (third) broker on March 9th and left him with all paperwork:payslips, bank statements, credit report etc. We still haven't received a DIP. Is it normal to take this long? We have called and emailed and I finally got an email on Friday to say 'still chasing, will get back asap'. I've checked with the CRA's to see if any soft searches have been done and they haven't. What could he be chasing? I did email straight back to ask and he hasn't responded. I'm feeling so dishearten by it all

kingstreet

Sometimes, it takes time to get in the position to actually do the DIP which itself takes ten minutes.

Checks may be required with the lender to establish if you meet criteria.

What type of lender are we talking about, high street, specialist?

ACG

I agree with Kingstreet. The DIP takes minutes to key, but before doing that the research has to be done to find the best deal for what you are after and then to check whether the lender will actually accept you/the property.

That can take anywhere from 10 minutes through to a couple of days...depending on what has to be checked.

But it should not really be taking 11 days. They are either too busy or are struggling.

Elfinpie

Thank you for replying. He has not given any indication of the type of lender. We don't have ccj's or defaults but a few late payments in 2014 for me (a storecard), an AP at beginning of 2016 for 4 months for a water bill and an AP in 2016 for my husbands bank account (currently disputing, which I know doesn't count for anything at the moment) in Oct 2016. So maybe it would be adverse?

ACG

An AP I would class as adverse, it is also fairly recent so probably not the easiest to place but still should not be takig 11 days to come back to you.