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We have a deposit. What next?
Comments
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It is interesting that most people think the next stage is a DIP. We rarely do DIPs until the applicant is ready to apply. Not to say that getting a DIP is wrong, but we tend to look through the credit reports rather than getting a DIP.
But yes, next step would be to either speak to a broker who will do the next bits for you or do it yourself:
Check Affordability, Check criteria and check you can afford the monthly repayments.
If all of that looks good then it could be a case of finding a property.
We only do the DIP when you are ready to apply because the best product today may not be tomorrow, so to get a DIP might just be a waste of time and potentially also be a full credit check.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 on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you for everyone's advice. It's been really helpful. We have a rough idea of how much we can borrow but have a couple of meetings with mortgage advisors lined up. We've also started viewing too. We thought it would be good to get straight out there and get chatting to the local estate agents.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Just a quick point, give London and country a call for the mortgage broker, they are fee free and I’ve used them on multiple occasions and they are excellent, use a local solicitor for the conveyances and not the one they or the mortgage provider recommended.0
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