Declined DIP what’s gone wrong

K_S

Capri84 said:

Watch out though - it’s not clear how the soft/hard check is determined. 

We applied for Coventry 95% and they ran a hard check. DIP expired (only 28 days!) so now they’ve to run another DIP so that’ll be 2 hard checks on file within a month! 

@capri84 It differs from lender to lender and whether you do it direct or through a broker. Coventry broker DIP has always been a hard-footprint.

I always get explicit permission from clients for a DIP, making it clear whether it'll be a hard-check or a soft-check. Not doing so for a hard-check is an easy route to a complaint given how aware clients nowadays are about their credit files. 

chasingfreedom

Try Natwest 95% mortgage. We previously were being told we had to put down at least 15% because of our outgoings being high but they just accepted us at 95%. Our income is approx 90k but our debt is about 48k total and they offered us 277k max.

boxer234

chasingfreedom said:

Try Natwest 95% mortgage. We previously were being told we had to put down at least 15% because of our outgoings being high but they just accepted us at 95%. Our income is approx 90k but our debt is about 48k total and they offered us 277k max.

They are offering about 10 grand less than what I need.  They are my current bank. 

easierways

The importance the bank places on affordability is often underestimated by applicants. It really, really matters.

boxer234

easierways said:

The importance the bank places on affordability is often underestimated by applicants. It really, really matters.

Affordability looked ok they were offering more than I think I need if that makes sense? I assume the CC would effect affordability? 

boxer234

@K_S accepted with accord  when do you want your fee? 

K_S

boxer234 said:

@K_S accepted with accord  when do you want your fee? 

@boxer234 Haha happy to hear that!

Coincidentally, I'm just keying in an Accord 95% DIP for a client who got to me after having been given the run around by a couple of other lenders! Hopefully it'll have the same outcome.