FTB DIP question

RobM93

Morning all!

Long time lurker, first time poster. I'm a FTB with my partner, and we've got a deposit saved up. We're looking to buy new build using the equity loan. We found a property we liked a few weeks ago and have spoken to a broker - this one is £215K, but may no longer be available - the max we're looking for is £250K.

The broker has recommended a Nationwide mortgage which should tick all the boxes.We're looking to get a DIP, but unfortunately my partner is still waiting for her contract to prove her income. We don't know when we'll get this, but definitely in the next two months. I want to be as ready as possible so we're ready to move whenever we can.

Basically I have two questions:
1: Will a DIP be for a specific amount (i.e. £215K) or will it say the maximum they're willing to lend us?
2: Once you have a DIP, can you submit the required documentation before having an offer accepted? So if we don't get this property, can we submit proof of income, ID checks etc before we find the next house so that when we do find one we only have to think about the property specific stuff?

Hope this makes sense, thanks for the help!

amnblog

Your Partner needs to be starting the job within three months for a successful application with Nationwide.

A sensible broker won!!!8217;t run a decision in principle without proof of income.

A DIP can be adjusted for application.

You cannot submit a full application and have supporting documentation approved until you have a target property.

Your Broker should be answering all of these questions.

RobM93

amnblog wrote: »

Your Partner needs to be starting the job within three months for a successful application with Nationwide.

A sensible broker won!!!8217;t run a decision in principle without proof of income.

A DIP can be adjusted for application.

You cannot submit a full application and have supporting documentation approved until you have a target property.

Your Broker should be answering all of these questions.

Yeah she is starting it in September - she's starting as a teacher and is doing the training now. She's already placed in a school but just hasn't been given a contract yet. We're waiting on the schools business manager to get back to us with exact salary and contract details - we know the minimum she will be on as teachers have set pay scales.

OK so we should not apply for a DIP without the proof of income - thank you. So the best we can do for now is have all the documentation prepared, so as soon as the contract comes through we can apply for the DIP?

And just to clarify, you need to have a target property and an offer accepted before supporting documentation will be accepted? Or just a target property?

I'm sure my broker would answer the questions - I hadn't thought of the questions when I met her and she's not available this weekend. Figured these forums would be as useful as anywhere Thanks for your reply.

amnblog

Having an offer accepted on a property is not a condition to submit a mortgage application. However, you would be unwise to apply without one.