DIP

thegentleway

Hi,

I just put an offer on a property and the estate agent said the DIPs I had from L&C and MAB were not as good as one from a lender as a hard credit check hasn't been performed.

How do I get an agreement in principle with hard credit check?

Thanks,

ACG

Gotta love agents, most lenders DIPs are soft footprints - clearly no idea what they are talking about. 
But the L&C one (not sure about the MAB one) is just a glorified affordability calculator, so not worth anything. 

If you have made an offer have you chosen a lender or are you using a broker? If a broker, ask them to get one. If you have chosen a lender already then go to them and get a DIP from them directly if you can. 

thegentleway

ACG said:

Gotta love agents, most lenders DIPs are soft footprints - clearly no idea what they are talking about. 
But the L&C one (not sure about the MAB one) is just a glorified affordability calculator, so not worth anything. 

If you have made an offer have you chosen a lender or are you using a broker? If a broker, ask them to get one. If you have chosen a lender already then go to them and get a DIP from them directly if you can. 

Just been reading MSE guide and to be fair to agent it does say: "In a heated property market, you are highly likely to be asked for one by a vendor (via an agent) before they will accept an offer."

I was planning to use L&C as recommended by MSE; I'll give them a ring.

Thank you