DIP will we be approved?

MrsGeorge

Hi everyone we have been on such a rollercoaster the last couple of weeks with trying to achieve a mortgage. The issue has been affordability due to childcare costs and my partners not so great credit file although he has no credit card or overdraft so that’s good. In the end the mortgage broker recommended we stop our childcare vouchers so increase our affordability and would pay 6 months of our childcare with the money we make from our current property. The broker got us a decision in principle from Aldermore on Wednesday and we progressed to application.
Since then they have asked for most recent wage slip and proof of deposit. We have heard no more and wondering if no news is good news. Also what is the possibility of us not being approved for the mortgage even though we have a DIP from them. I am an absolute nervous wreck and can’t be excited for our new property until we know we have been successful. Just wondering if anyone can advise or has been in a similar situation

[Deleted User]

DIP’s can still lead to declined mortgages.

Speak to whomever you placed the DIP with tomorrow and see what they say.

RelievedSheff

It is a nerve wracking time but just let the mortgage advisor and Aldermore get on with their jobs.

Keep feeding them any information they ask for and answer everything truthfully.

As to if you will be approved or not. Well no one has a crystal ball unfortunately. You will have to wait for the lenders to decide. It isn't a flat refusal though if they have requested additional information.

I know this is easier said than done but try not to worry too much.

MrsGeorge

Thank you for the replies, I know I need to be patient in this process. I think what I’m struggling with is the builder wanting to organise a date to sign the missives and other bits and pieces which is difficult when we don’t know if we will get a mortgage offer

ACG

I cant help but think your broker has just asked you to commit mortgage fraud.

If you get found out you and the broker are risking a lot.

amnblog

Is the story here, wages show CC payments?

Told to stop CC payments.

Now presenting latest payslip with no CC payments?

What happens if Lender asks about child care payments? Let me guess, we say family provide child care?

ACG

amnblog wrote: »

Is the story here, wages show CC payments?

Told to stop CC payments.

Now presenting latest payslip with no CC payments?

What happens if Lender asks about child care payments? Let me guess, we say family provide child care?

What about the question that asks about childcare costs on the application form?

amnblog

Presumably, that was covered with a fib as well.

I thought Aldermore require 3 months payslips?

MrsGeorge

I maybe haven’t explained properly. We currently have childcare vouchers coming off our wages and our daughter is due to start nursery in April which will reduce our childcare significantly. The advice provided was to stop the childcare vouchers and pay for our childcare up until April in a lump sum from the money we make from the sale of our property. This would mean we wouldn’t have to think about our childcare costs and we would have more affordability for the mortgage. The broker spoke to Aldermore about this and they said they were happy with it although the underwriter may not be.

MrsGeorge

Also Aldermore have had 3 months of wage slips and the question on the application form was will these still be paid when the mortgage is granted and this was ticked no

ACG

Ah ok, I think that makes it ok then, especially if it was checked. Sorry, we read so many posts on here about people trying to be clever and play the system that we just kind of make assumptions for the worst.

If your broker has checked everything, it shoudl be ok.