Natwest DIP

Noobie2011

Hi All,

I have posted a few other topics around our situation with our Mortgage going forward but it seems a conversation with our broker has changed things and given a bit of light at the end of the tunnel as long as the tunnel does not collapse on us at the last stage.

In summary we have adverse credit which is mostly 12 months old and includes things like payday loans, few missed payments, AR settlements etc. Also we have a lot of debt commitments all at high utilisation as only ever pay the minimum.

On top of this I have just started a new job a couple of weeks ago which was causing us an issue up until now.

We have got news we have a DIP with Natwest and passed their Credit Score and our broker is very familiar with them and placed people with them in similar position to us recently so they are very confident we will have no problems now. He has told them everything about our situation so nothing hidden that could crop up at a later date also.

So from people experiences what are the chances of us now being declined on full application or by the Underwriters on something they already know as from what I have read people usually are declined down the line due to something cropping up that is unknown?

After our struggles so far this seem to good to be true but have my fingers crossed

ACG

Sounds like your broker is all over it. They can not do anything more than they have by the sounds of it. They seem to have spoken to the lender and done the DIP, that is the way I work as well - I reckon you will be fine.

Noobie2011

ACG wrote: »

Sounds like your broker is all over it. They can not do anything more than they have by the sounds of it. They seem to have spoken to the lender and done the DIP, that is the way I work as well - I reckon you will be fine.

I agree they are and do know they have done all they can and have assured me everything should be fine but of course they cannot give me the 100% approval as in the end not down to them. They did say the relationship they have with Natwest too would mean they are in a strong position to push back on any questions that may come back

Am really pleased we are now in this position but just seems too good to be true after being resigned to looking at the likes of Kensington.

I know it will not make much difference me searching and getting advice but just want to reassure myself if they know everything possible and have accepted to this point then highly unlikely unless we are very unlucky that we will be declined

Thrugelmir

Lenders do business on a macro not micro level. Decision rests with the underwriters along with NatWest's current internal lending policies.

Gibbro

With the new job, was there greater than a 2 week gap between the old and the new?

Noobie2011

Thrugelmir wrote: »

Lenders do business on a macro not micro level. Decision rests with the underwriters along with NatWest's current internal lending policies.

Yeah I get this and I always class it as a no until we have a yes which if you are being really careful is on completion when the keys are in your hands. But my understanding and the view others seem to have along with my broker is that once you have a DIP then the majority of time it will be fine aslong as everything is known upfront when applying to their lending policy and underwriters and because of our less than perfect credit we have divulged everything to our broker even down to the 10p I still owe my schoolboy friend for eating his sweets ha

Noobie2011

Gibbro wrote: »

With the new job, was there greater than a 2 week gap between the old and the new?

No there was no gap as in finished on the Friday and started the new job on the Monday. Plus was in my previous job for 13 years, new job is the same role and more money.

jedthehumanoid

Sounds promising. We're in a similar situation as you and Natwest are the only people to have given us any encouragement. We have a an AIP with them but I think we need to go back and lay everything out in minute detail to see what they say. Hope it all works out for you.

Noobie2011

jedthehumanoid wrote: »

Sounds promising. We're in a similar situation as you and Natwest are the only people to have given us any encouragement. We have a an AIP with them but I think we need to go back and lay everything out in minute detail to see what they say. Hope it all works out for you.

Yeah we are still in slight disbelief that Natwest gave us a DIP but am reassured we have a broker and they have told them every little issue we have so no late surprises for them. I am getting the impression it is much harder to get past the AIP/DIP stage with mainstream lenders but once you do then should be straight forward based on you have hid nothing where as with specialist lenders they seem to accept you on a AIP much easier but then the underwirter scrutinise everything and are not flexible at all on things like new jobs etc which is understandable.

I would highly recommend a broker if not already got one as it does seem to give you the edge and save you wasting time with lenders who will say no but goodluck in your venture

Ejs_23

Hello. Did any of you get your offer!?

Ejs_23

Wondering how you got on? Would love some good news for us in similar situations