DIP from precise , chances of being accepted

Wattadam

Hi
Me and partner are buying new build with help to buy FTB , dip declined by Halifax due to both having poor credit but never missed payments on either of car payments , phone bills , small personal loan etc , sent bank statements and payslips to broker and precise gave us a DIP , application being made Monday has anyone ever been declined after this stage

BDUNLOP

I think it's pretty rare to be declined after a DIP has been given.

Unless some change to your credit rating occurs between the DIP and the real application I reckon your changes of success are pretty high.

Moneyminded

Unless your circumstances change before the property purchase goes through I think it unlikely that your application for a mortgage will fail. Bear in mind though that a DIP is based on your credit history, income and outgoings and whether you are likely to be able to afford the repayments.

With a mortgage application the lender will also be looking to see if the property is worth what it is being sold for and if they are likely to be able to get their money back should you be unable to repay in the future. If you have a larger deposit then this isn't so much of an issue as it might just change your LTV bracket.

Good luck with your purchase