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Mortgage Advisor

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boring1
boring1 Posts: 69 Forumite
Debt-free and Proud!
in Mortgages & endowments
Had a meeting last night, went through everything. Said no point in obtaining a DIP yet as we will be able to access any deal? I wasn't expecting that to be honest - what if they are wrong? Or do advisors have such a good idea re incomes/expenditure that she can afford to be that confident.

thought please.

Thanks x

Comments

  • ACG
    ACG Posts: 24,539 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I dont get a DIP until the person is ready to make an application unless an estate agent insists on one to view properties.

    A DIP usually involves a credit check and those that dont are not worth the paper they are printed on.

    The best deal/lender today might not be tomorrow.

    But not all brokers work the same way.
    I am a Mortgage Adviser
    You 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.
  • boring1
    boring1 Posts: 69 Forumite
    Debt-free and Proud!
    You've basically re-iterated what she said.
    I'm just nervous!
  • juniordoc
    juniordoc Posts: 366 Forumite
    Agree, don't know what this craze for MIP is all about. If your case is uncomplicated and you have been open with the broker about everything then no reason to be concerned. Have you made an offer on a property yet? Can always request an MIP at that point if you really want.
  • boring1
    boring1 Posts: 69 Forumite
    Debt-free and Proud!
    no haven't made any offer yet. Totally honest with advisor, she took copies of bank statements pay slips etc and went through all our bills and credit scores.
  • juniordoc
    juniordoc Posts: 366 Forumite
    Best bet is to get house hunting as interest rates are only going to go up so more chance of mortgages becoming less affordable for you in the future.
    Apply for an MIP once you've found a house you are happy to offer on. That could take 1 week or 3 months.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    boring1 wrote: »
    Had a meeting last night, went through everything. Said no point in obtaining a DIP yet as we will be able to access any deal? I wasn't expecting that to be honest - what if they are wrong? Or do advisors have such a good idea re incomes/expenditure that she can afford to be that confident.

    thought please.

    Thanks x

    If course, if the margins are big enough.
    Say that in theory stretching everything you could borrow £250k on your figures, but you are only asking for £150k.
    Well then no problem. Even £200k. Above that yes they might want exact details.
  • amnblog
    amnblog Posts: 12,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    boring1 wrote: »
    You've basically re-iterated what she said.
    I'm just nervous!

    If it helps, I will re-re-iterate what she said, and re-iterate what ACG said.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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