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Do lenders lend what they say they will.
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Lenders can reduce the amount they are prepared to lend. My son's lender reduced their offer from DIP to the proper offer by around £8k.1
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Was there any reason why? Did they say? @GoogleMeNowGoogleMeNow said:Lenders can reduce the amount they are prepared to lend. My son's lender reduced their offer from DIP to the proper offer by around £8k.0 -
Typically, if there is a difference in maximum loan from affordability calculator to decision in principle to full application it's because at some point information was entered incorrectly or there is an error somewhere in the credit system.
Maximum loan is pretty much a function of income and outgoings so if these are entered correctly there should be no variation from one stage to the next.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.2 -
Try the mortgage board - that's where all the mortgage brokers hang out.0
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Thank you. That's really what I hoped. I didn't omit anything so fingers crossed 🤞kingstreet said:Typically, if there is a difference in maximum loan from affordability calculator to decision in principle to full application it's because at some point information was entered incorrectly or there is an error somewhere in the credit system.
Maximum loan is pretty much a function of income and outgoings so if these are entered correctly there should be no variation from one stage to the next.
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Exactly. In our case it was mainly because when I did our DIP I put my salary in but didn’t think about the fact I also get a guaranteed taxable mobile phone and fuel allowance which equates to Around £2400 a year before tax.lookstraightahead said:
It's because the proper checking and working out is done after you require a mortgage. The actual property loan is part of the agreement, which is where the valuation comes in, and your LTV.Snookie12cat said:
That's quite amazing 🤣Mahsroh said:Our broker managed to get us an offer bigger than our DIP.There were a couple of other nuances as well but I can’t remember the specifics. This is why brokers are worth their weight in gold.1 -
Is there a thread asking "Do borrowers repay when and the amount they say they will??".
(I think I know the answer to that one..)1 -
we never did a DIP until on full application via broker. DIP is a paper exercise and in some cases a waste of a credit search. My broker knew our ceiling for borrowing and proceeded without a DIP"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Yes, but they have affordability calculators which I imagine your broker used?csgohan4 said:we never did a DIP until on full application via broker. DIP is a paper exercise and in some cases a waste of a credit search. My broker knew our ceiling for borrowing and proceeded without a DIP
Really it's how accurate they are that I wonder0 -
We deliberately didn't borrow to the max amount, so we were well within affordability. Means more disposable income to save et.cSnookie12cat said:
Yes, but they have affordability calculators which I imagine your broker used?csgohan4 said:we never did a DIP until on full application via broker. DIP is a paper exercise and in some cases a waste of a credit search. My broker knew our ceiling for borrowing and proceeded without a DIP
Really it's how accurate they are that I wonder"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP1
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