Precise Mortgage - 28 days validity in decision in principal

Camilion

Hi Peeps,

My other half had a DIP with precise mortgages however it is only Valid for 28 days is this there standard length of time for their DIPs ? Or do they make their decision on individual bases as to how long the DIP will be valid. Also our broker has booked th application for same day the DIP expires as he is away on holiday he's assured us it will be fine anybody had similar experiences kindly share .... :beer:

G_M

A DIP is prety meaningless anyway.

If you are eligible in principle for a mortgage today, then unless things change significantly you are likely to be equally eligible 28 days later, 29 days later or 40 days later.

Either via the same or a different provider.

What matters is the full mortage application once you've identified the property you want to borow against.

Camilion

G_M wrote: »

A DIP is prety meaningless anyway.

If you are eligible in principle for a mortgage today, then unless things change significantly you are likely to be equally eligible 28 days later, 29 days later or 40 days later.

Either via the same or a different provider.

What matters is the full mortage application once you've identified the property you want to borow against.

Wev had offer accepted on a house and exchanged solicitor details just waiting to make full application . Thanks for your input a DIP is not useess given the fact that theyv already done a credit search and agreed to lend in principal . Iv seen.other lenders declins outright . So the fact that a DIP can be accepted or declined says a lot within it self , if it had been pointless there wouldn't be any need to get one in the first place would there ?

Shakin_Steve

Camilion wrote: »

Wev had offer accepted on a house and exchanged solicitor details just waiting to make full application . Thanks for your input a DIP is not useess given the fact that theyv already done a credit search and agreed to lend in principal . Iv seen.other lenders declins outright . So the fact that a DIP can be accepted or declined says a lot within it self , if it had been pointless there wouldn't be any need to get one in the first place would there ?

That's not the case. If everyone who got a DIP went on to get their application approved, then what would be the point. When we went into the bank to complete a full application was when the full credit search was done, right there in front of us. The DIP was based on the information we provided and a soft search.

Shakin_Steve

Plus.....we couldn't put our hands on one payslip from the ones they wanted, and they would no go ahead until we got a copy and sent it to them. Made us sweat that one did.

Camilion

Thats it Keep the positivity coming guys lolol ...

Shakin_Steve

Camilion wrote: »

Thats it Keep the positivity coming guys lolol ...

Right you are: You'll definitely have no problems getting a mortgage with any provider you choose. They will consider themselves lucky that you are putting your trust in them to provide you with the funds you need. I wouldn't be surprised if they refused your offer of a deposit and gave you 110% .:)

Camilion

:rotfl::rotfl: