Hard search with DIP?

Girlisgettingthere

Do any lenders hard search you for a DIP or are they all soft searches? Specifically thinking of the ones who underwrite pre issue of a dip?

simon_or

Girlisgettingthere said:

Do any lenders hard search you for a DIP or are they all soft searches? Specifically thinking of the ones who underwrite pre issue of a dip?

AIUI direct AIPs are soft checks with all banks.

With broker AIPs, a few banks do hard checks. One of them is Barclays, don't know the whole list.

ACG

No lender underwrites before a DIP. 
It is possible to check certain things before doing a DIP, but it would always be subject to a credit check and full underwrite. 

Are you looking at normal lenders/adverse/or specialised in some other way? As an example, most "normal" lenders do a soft footprint. Most adverse lenders do a softprint also. But we do a lot of work with a little building society where you can check everything upfront and they can review documents if there is something in particular you think could be an issue, but their DIP is a hard footprint. 

Girlisgettingthere

ACG said:

No lender underwrites before a DIP. 
It is possible to check certain things before doing a DIP, but it would always be subject to a credit check and full underwrite. 

Are you looking at normal lenders/adverse/or specialised in some other way? As an example, most "normal" lenders do a soft footprint. Most adverse lenders do a softprint also. But we do a lot of work with a little building society where you can check everything upfront and they can review documents if there is something in particular you think could be an issue, but their DIP is a hard footprint. 

Ah ok thank you. Our broker said our dip is taking a few days as they manually underwrite it. I just didn’t want too many hard searches plus we haven’t had our offer accepted yet on the property. She’s not mentioned a hard search and I’m hoping she would if that’s the case. There is some adverse (2 defaults over 3yrs old both satisfied and a recent late payment on PayPal credit). I think it’s a building society. 

ACG

Girlisgettingthere said:

ACG said:

No lender underwrites before a DIP. 
It is possible to check certain things before doing a DIP, but it would always be subject to a credit check and full underwrite. 

Are you looking at normal lenders/adverse/or specialised in some other way? As an example, most "normal" lenders do a soft footprint. Most adverse lenders do a softprint also. But we do a lot of work with a little building society where you can check everything upfront and they can review documents if there is something in particular you think could be an issue, but their DIP is a hard footprint. 

Ah ok thank you. Our broker said our dip is taking a few days as they manually underwrite it. I just didn’t want too many hard searches plus we haven’t had our offer accepted yet on the property. She’s not mentioned a hard search and I’m hoping she would if that’s the case. There is some adverse (2 defaults over 3yrs old both satisfied and a recent late payment on PayPal credit). I think it’s a building society. 

That is after the DIP... The DIP has been submitted, it is now being reviewed. 

But I see the point you are making. 

Sometimes a DIP will refer and needs to be reviewed. Other times you may have a situation where the lenders criteria with regards to adverse for example can be a little fluid (ie there is some room for movement). This is usually smaller building societies. There are not many lenders who work like that but some will. 

Girlisgettingthere

ACG said:

Girlisgettingthere said:

ACG said:

No lender underwrites before a DIP. 
It is possible to check certain things before doing a DIP, but it would always be subject to a credit check and full underwrite. 

Are you looking at normal lenders/adverse/or specialised in some other way? As an example, most "normal" lenders do a soft footprint. Most adverse lenders do a softprint also. But we do a lot of work with a little building society where you can check everything upfront and they can review documents if there is something in particular you think could be an issue, but their DIP is a hard footprint. 

Ah ok thank you. Our broker said our dip is taking a few days as they manually underwrite it. I just didn’t want too many hard searches plus we haven’t had our offer accepted yet on the property. She’s not mentioned a hard search and I’m hoping she would if that’s the case. There is some adverse (2 defaults over 3yrs old both satisfied and a recent late payment on PayPal credit). I think it’s a building society. 

That is after the DIP... The DIP has been submitted, it is now being reviewed. 

But I see the point you are making. 

Sometimes a DIP will refer and needs to be reviewed. Other times you may have a situation where the lenders criteria with regards to adverse for example can be a little fluid (ie there is some room for movement). This is usually smaller building societies. There are not many lenders who work like that but some will. 

Thanks ACG. Do you have any experience with Mansfield building society? That’s who it is with and they’ve come back asking for reasons for the defaults 

ACG

Girlisgettingthere said:

ACG said:

Girlisgettingthere said:

ACG said:

No lender underwrites before a DIP. 
It is possible to check certain things before doing a DIP, but it would always be subject to a credit check and full underwrite. 

Are you looking at normal lenders/adverse/or specialised in some other way? As an example, most "normal" lenders do a soft footprint. Most adverse lenders do a softprint also. But we do a lot of work with a little building society where you can check everything upfront and they can review documents if there is something in particular you think could be an issue, but their DIP is a hard footprint. 

Ah ok thank you. Our broker said our dip is taking a few days as they manually underwrite it. I just didn’t want too many hard searches plus we haven’t had our offer accepted yet on the property. She’s not mentioned a hard search and I’m hoping she would if that’s the case. There is some adverse (2 defaults over 3yrs old both satisfied and a recent late payment on PayPal credit). I think it’s a building society. 

That is after the DIP... The DIP has been submitted, it is now being reviewed. 

But I see the point you are making. 

Sometimes a DIP will refer and needs to be reviewed. Other times you may have a situation where the lenders criteria with regards to adverse for example can be a little fluid (ie there is some room for movement). This is usually smaller building societies. There are not many lenders who work like that but some will. 

Thanks ACG. Do you have any experience with Mansfield building society? That’s who it is with and they’ve come back asking for reasons for the defaults 

Yea, I used them a little bit mostly their versatility range. 
They're a good lender. Common sense in the main.