Hard search with DIP?

Girlisgettingthere
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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?
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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?
With broker AIPs, a few banks do hard checks. One of them is Barclays, don't know the whole list.1 -
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.I am a Mortgage AdviserYou 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.1 -
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.
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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.
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.I am a Mortgage AdviserYou 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.1 -
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.
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.0 -
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.
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.
They're a good lender. Common sense in the main.
I am a Mortgage AdviserYou 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.1
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