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Help! Apply for DIP now or speak to broker first?
jsj25
Posts: 89 Forumite
Hi everyone,
FTB here and could really do with some advice. I viewed a property over the weekend and absolutely loved it, and I know for a fact I would like to put in an offer.
About a week or two ago, I spoke briefly with a mortgage broker who advised that, on my salary, I could reasonably expect to borrow £160k, which I think puts the flat comfortably within my price range. However, that was just a preliminary discussion and at this time I have no decision in principle in place.
I found out today that the property I viewed has had an offer put in, which the seller has rejected - though I believe that the potential buyers intend to put in another offer soon. I would like to formalise my interest with an offer of my own, but know that there's little chance of being taken seriously without a DIP in place. I have got an appointment to speak with a new broker but unfortunately that isn't until Thursday, and I'm worried that in the time between then and now a more attractive offer might be submitted and accepted.
My question is this - would it be worth me applying for a decision in principle online now with a lender, just so that I have a DIP in place? I wouldn't necessarily take out a mortgage with that lender - I'm literally just after the piece of paper that would make my offer that bit more serious. I understand that lenders now offer DIPs based on soft searches, so assuming I applied for a DIP with one of those lenders, am I right in thinking that applying for the DIP now (regardless of the outcome) wouldn't negatively impact me further down the road? And will it matter to the broker when I speak to them on Thursday that I've already applied for a DIP off my own bat?
As I mentioned, I'm a FTB so this is all very new to me, so I'll be really grateful for any advice here.
FTB here and could really do with some advice. I viewed a property over the weekend and absolutely loved it, and I know for a fact I would like to put in an offer.
About a week or two ago, I spoke briefly with a mortgage broker who advised that, on my salary, I could reasonably expect to borrow £160k, which I think puts the flat comfortably within my price range. However, that was just a preliminary discussion and at this time I have no decision in principle in place.
I found out today that the property I viewed has had an offer put in, which the seller has rejected - though I believe that the potential buyers intend to put in another offer soon. I would like to formalise my interest with an offer of my own, but know that there's little chance of being taken seriously without a DIP in place. I have got an appointment to speak with a new broker but unfortunately that isn't until Thursday, and I'm worried that in the time between then and now a more attractive offer might be submitted and accepted.
My question is this - would it be worth me applying for a decision in principle online now with a lender, just so that I have a DIP in place? I wouldn't necessarily take out a mortgage with that lender - I'm literally just after the piece of paper that would make my offer that bit more serious. I understand that lenders now offer DIPs based on soft searches, so assuming I applied for a DIP with one of those lenders, am I right in thinking that applying for the DIP now (regardless of the outcome) wouldn't negatively impact me further down the road? And will it matter to the broker when I speak to them on Thursday that I've already applied for a DIP off my own bat?
As I mentioned, I'm a FTB so this is all very new to me, so I'll be really grateful for any advice here.
0
Comments
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Have you explained your position to the mortgage broker, and asked if they can help faster?
We often sort decisions in principle same day where required. If they can’t give you what you want, it would not be too difficult to find a Broker that can.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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