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made an offer, waiting to hear back from mortgage broke
mrsmortgage
Posts: 486 Forumite
I've made an offer on a house and EA want to have a MIP or some document from the broker stating that i will have the funds to purchase the house.
Broker is being slow and not replying. Wondering how long should I give him before he replies?
I have another MB "in waiting"but obviously I'd rather proceed with the one I've already started to work with.
Broker is being slow and not replying. Wondering how long should I give him before he replies?
I have another MB "in waiting"but obviously I'd rather proceed with the one I've already started to work with.
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Comments
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A Decision In Principle should be able to be turned around inside an hour! I did one for clients yesterday evening in just over 40 minutes. As long as you have provided all the relevant documentation (bank statements, pay slips, proof of deposit, ID, proof of address etc) then it is a very simple process for a broker worth his or her salt!
I would add that a Decision in Principle is just that! A thumb nail sketch that says as long as everything you have told the lender at this stage adds up, then assuming the property values up OK then they are likely to proceed to offer.I am a Mortgage AdviserYou 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 I may make are for information and discussion purposes only and should not be construed as financial advice.0 -
What is the harm in attempting to get a DIP yourself from a high Street lender on the net?
It has no impact on your credit report and you have an instant email which you can supply to the EA.
I did this, got my offer secured, then went to my broker and applied elsewhere!0 -
EXTREME CARE with an action such as @LawAbiding suggests! If the lender offers a 'soft' footprint DIP then no major problem...if however the DIP is a 'hard' footprint then you could be stacking up potential issues in making a full application to a lender with maybe a better rate!I am a Mortgage AdviserYou 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 I may make are for information and discussion purposes only and should not be construed as financial advice.0
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Also we are very careful in how we imput income and commitments. I am usually given incorrect figures by clients so we verify ourselves from credit reports and payslips
If you apply yourself with different figures than a broker would use then you risk being flagged on national hunter.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.0 -
Yes sorry I should have said, make sure 100% that it's a soft search or non impact.
RBS is a soft search...0
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