Decision in principle?

cherryblossomzel

So I had a look at the L&C website and decided to go through their DIP process, just to see what they come up with. I answered all the questions accurately and they emailed me a document within seconds with a DIP. I though the DIP had to come from the actual lender? Is this one from L&C even worth the paper it's written on? (figuratively speaking, it's not printed:D) I haven't actually decided to go with L&C yet.

I just want a bit more of a firm idea of how much I might get, and be able to prove to potential vendors that I am a serious buyer. All these online calculators seem to come up with a massive range, which is not that helpful in an expensive part of the country.

ACG

The only DIPs worth the paper they are printed on are the ones from quirky little building societies nobody has heard of as they do not credit score and tend to check more before issuing them.

The ones from the banks are not worth anything.

As a general rule of thumb 4.5x income with your deposit on top. But that assumes a 25 year term, not too much debt/commitments and maybe 1 kid. Anything outside of that and you are probably best running it by an actual broker or keying the figures in on the lenders affordability calculators.

cherryblossomzel

ACG wrote: »

As a general rule of thumb 4.5x income with your deposit on top. But that assumes a 25 year term, not too much debt/commitments and maybe 1 kid. Anything outside of that and you are probably best running it by an actual broker or keying the figures in on the lenders affordability calculators.

Thanks for that. I'm probably being overly cautious. I have no kids, no current debt and an excellent record of paying back past debt.

Does citizenship play into it? I'm actually European and I never bothered to get permanent residency or right to remain, but I've lived here continuously for 16 years, and I'm in permanent employment.

ACG

If you plan on applying before Brexit it should not alter anything as you are still treated in the same way as if you were British.

cherryblossomzel

ACG wrote: »

If you plan on applying before Brexit it should not alter anything as you are still treated in the same way as if you were British.

Another reason to get moving on this!