Skipton DIP

mistree

Hi All,

If you’ve seen my previous threads we had to pull out of our last sale due to lots of hidden issues with the house. Got a mortgage offered from nationwide for 320k house at 90% LTV in August.

Have now found a new house, but it was a new build so we were limited on who we could get a mortgage with, as only have a 10% deposit (individual new build and not a scheme). Broker suggested skipton, but said it would be tight on affordability despite this house being 309k so 11k cheaper than the mortgage offer received with nationwide on the last property.

I have a blemish free credit history. Partner has two defaults, both settled over 4 years ago. A couple late payments all over 2/3 years old and very infrequent, phone bill and credit card bill I believe last two years squeaky clean. We’re both Ftb’s.

Broker not best at staying in touch, but advised us Friday lunchtime after I chased, when we had submitted all our paperwork Wednesday at some point inbetween that he had applied to skipton and our DIP had been referred. He called my partner rather than me, who is not the best with remembering to ask the right questions on relay information so I don’t know what if any reason he was given, he didn’t ask. He asked about a credit card my partner clears every month and it’s usage.

Questions if anyone experienced can help

Does a DIP referral really take this long? It says two hours on the skipton intermediary website, but broker said we should hear back Monday (hopefully)
Is it a really bad sign it’s been referred? What is the likelihood of a positive result in your experience?
Finally, if we pass DIP for the amount we need, is it likely they will approve at full offer as additional checks are being done now? I’m worried about what a rejection will do to our files.

The last aborted sale has cost us a lot, money and stress. I’m 8.5 months pregnant and just so fed up with this. Multiple searches now in our names I’m imagining is screwing our chances of a mortgage if this fails. Feeling a bit deflated

mistree

Anyone? ...

csgohan4

best to wait for the broker as we do not your circumstances in detail. Any DIP is not guaranteed of acceptance on full application.


Referral can happen for a variety of reasons, from compliance to double checking something


Ultimately you need to wait

mistree

Thank you, today received the AIP (thought it was DIP but not sure of the difference?) back from Skipton and all ok. Should hopefully be submitting full application later today. Have everything crossed if it was reviewed at this stage by underwriters, as long as nothing changes or was untruthful about our application it should be ok! :beer:

robatwork

mistree wrote: »

Thank you, today received the AIP (thought it was DIP but not sure of the difference?)

They are equivalent.

That is, DIP = decision. The decision can be agreement or no agreement. AIP = agreement.

When you do the full application it's all up for grabs again anyway as it changes from In Principle to "you can actually have this money".

mistree

robatwork wrote: »

They are equivalent.

That is, DIP = decision. The decision can be agreement or no agreement. AIP = agreement.

When you do the full application it's all up for grabs again anyway as it changes from In Principle to "you can actually have this money".

Surely the AIP being issued is a good sign if its been reviewed by underwriters at this stage, otherwise it seems fruitless reviewing it at all if the full application has a different set of criteria?

robatwork

mistree wrote: »

Surely the AIP being issued is a good sign if its been reviewed by underwriters at this stage, otherwise it seems fruitless reviewing it at all if the full application has a different set of criteria?

Sort of both. It's a good thing in that if you didn't have the AIP it would be very bad. But the underwriters may not have been involved yet so the full application will get scrutinised a lot more. For example - have you already submitted your 3 month payslips, utility bills etc?