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mortgage promise ??
newbiemum05
Posts: 138 Forumite
My husband and I are relocating due to a new job.
We currently live in rented council accomodation but are looking to buy when we move.
We have seen a few places - one is around £15,500.
My husband currently earns around £14220 pa
and we receive tax credits at around £3000 pa
We've been told that such a thing as a mortgage promise document is available - where we receive a document from a mortgage provider that shows we can have a mortgage up to and including a specific ammount even with no specific property in the picture.
is this true ? and if so is it a good way to go ? and how would we go about doing this ?
We currently live in rented council accomodation but are looking to buy when we move.
We have seen a few places - one is around £15,500.
My husband currently earns around £14220 pa
and we receive tax credits at around £3000 pa
We've been told that such a thing as a mortgage promise document is available - where we receive a document from a mortgage provider that shows we can have a mortgage up to and including a specific ammount even with no specific property in the picture.
is this true ? and if so is it a good way to go ? and how would we go about doing this ?
0
Comments
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I think its also known as a decision in principle.
I went through a broker a few years ago and they did a 'dip' for me which was succesful. I then could go looking at property up to a certain price already approved, in prinicple. When you view property you can quote the 'dip' number to the agents to get it verified. My broker actually spoke to the estate agents on my behalf and told them I had a decision in principle in place. My particular one was from Abbey and it looked a bit like a certificate with my name on and a reference number.
Hope this helps....PMA - Positive Mental Attitude
It works for me - you try it!0
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