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Mistake with DiP

3 replies

Whatanidiot23 · 01/02/2023 21:15

So we've seen a house we liked, organised a DiP, which said we could borrow 365,000 and put our house on the market last week. We've had some positive interest. One potential offer, they just want to visit with a builder tomorrow before they go ahead and confirm.
Now I say to my DH can he send me the DiP that got emailed to him last week as I realised I don't have a copy. He's done that and I open the email to realise I've made a big mistake reading on it all my phone screen - it says they can't lend us 365k not they can! I never noticed at the time and I asked DH to check he has the DiP before we went ahead with everything. Turns out he saw an email that said 'your DiP' in his inbox but didn't open it to realise that it is a DiP for a lot less than we thought we could borrow. An amount that would make the difference between moving and not. I feel absolutely sick as we've literally just gone on the market, have a potential buyer and now it will probably all be off. DH due a promotion effective 1st March but won't have confirmation of his salary for another 6 weeks (although expecting a rise of approx 8k a year so might make a difference to the mortgage). I feel like a complete and utter idiot and just want to cry 😭 don't know what to do now...

OP posts:
CasperGutman · 02/02/2023 12:21

Speak to a whole-of-market mortgage broker about your situation. There may be another lender from whom you could borrow more the amount you need. Otherwise, take your house off the market before anyone wastes more time and money on surveys etc.

Whatanidiot23 · 02/02/2023 19:35

Thank you for your response. Now I've calmed down from my panic we've run some sums and looked around on Rightmove a bit and realised that we can still move to a bigger house with the new DiP amount, just compromising by going for a semi instead of a detached to still get the space we need, which we are ok with.
We are in the process of getting a mortgage advisors help investigating other lenders as the DiP we have seems to be quite a low amount considering our income so remain hopeful that we can still have a higher budget than we are now working with.

OP posts:
CasperGutman · 02/02/2023 21:58

Good luck! We have a semi were incredibly happy with. Hope it all works out for you!

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