Adverse Mortgage DIP

kris80

How long does a DIP take?

[Deleted User]

20 minutes or so of actually keying info.  Obviously a lot longer to do the research to find out what lender is going to take the case

kris80

Thanks. My case is a little complex. I called my broker today who said he sent some info off the the lender and it can take 48 hours. I just thought that was a little long.

MovingForwards

Depending on the lender and how complex it is, it could take a day. Don't forget lenders are running with less staff than normal at the moment.

If you say which lender, one of the brokers may be able to say how long they take or the lender may have info on their website under the intermediary section.

kris80

Not sure who the lender is. The broker is Simply Adverse. Who have been working so hard for me. 

haras_n0sirrah

some lenders can take a while to return the dip - I have a few in with cambridge at the moment for shared ownership and they are 48 hours

kris80

haras_n0sirrah said:

some lenders can take a while to return the dip - I have a few in with cambridge at the moment for shared ownership and they are 48 hours

That’s reassuring. Thanks.

haras_n0sirrah

if it is a high street lender I would expect it to be within the hour. If it is a regional building society or a specialist lender then 48 hours is not unexpected

clm187

Ours took 3 days. If that helps. 

kris80

Thanks. They got back to make late yesterday to say they’ve accepted my application. So excited but I know now the more thorough offer needs to go through and that process can be long. Things moving in the right direction for once. 

Dinpraad

Wow that's good news