DIP with trussle & L&C... does this sound right? Confused!

crazyoldmaurice

We have just sold our shared ownership flat stc. We are in a situation where we live in the south and have a 105k deposit but only my partner works (31,500pa) due to 3 young dependants but no childcare fees or debts of any kind.

Due to me not working we wanted to apply as a single applicant, most calculators Halifax, nationwide, HSBC etc saying we could only borrow up to £130k max 

Just completed an application online for a DIP with trussle and London and Country and they are both coming back around 149k mark! L&C saying maybe even 157k.

Does this difference in amounts seem correct? I am a bit worried its too good to be true and we'd get around to doing the actual mortgage application  only for them to turn around and say its not doable. The 20k in difference would make such a difference to what/where we could buy !

mortgagetakingages

Can you afford the increase?

MovingForwards

Speak with a proper broker to see what the available options are.

haras_n0sirrah

A dip with l&c and trussle is not an actual dip - it is more of an affordability indicator by a computer algorithm. There is no looking at credit files, checking income or criteria (so a lender who may lend the most may not lend to you for another reason)
It gives you an idea but many people have then found come putting in an offer that the dip is not reality

crazyoldmaurice

haras_n0sirrah said:

A dip with l&c and trussle is not an actual dip - it is more of an affordability indicator by a computer algorithm. There is no looking at credit files, checking income or criteria (so a lender who may lend the most may not lend to you for another reason)
It gives you an idea but many people have then found come putting in an offer that the dip is not reality

Thank you! This is what I wanted to find out. Do you have any recommendations on a broker to go to for a proper DIP? 

haras_n0sirrah

Some of us who post here are brokers. We are not allowed to approach posters but most of us are happy to be approached. We are identifiable by our signatures 

thwd

I would go through another broker or direct to a lender for your DiP. Whatever you do, avoid L&C right now. In addition to their DiP not really meaning anything, they have chaotic timescales and were impossible to get ahold of before I ditched them.