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Mortgage Question

Hi all,my dad is selling his house (its rented out at the moment) & i would like to try & buy it.
At the moment i am paying my mortgage on my own but live with my g/f,my question is can i get a 100% 'yes' to a mortgage before i go through all the bother & expense of selling my house,to find out we are declined.This will be the first time my g/f has been on a mortgage.On paper we know we can have the right amount.


Cheers

Ian

Comments

  • AndrewSmith
    AndrewSmith Posts: 2,871 Forumite
    Hi Ian,

    In short, yes. But remember nothing is guaranteed until the lender sees the full application.

    It costs nothing to get a provisional decision from a lender.

    You would only pay fees once you submit a full application and know that you are going through with the sale / purchase.

    Andy
  • dwsjarcmcd
    dwsjarcmcd Posts: 1,857 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Ian,
    Yes you can. Probably the best way is to decide which lender you want to use and apply for Standard variable rate mortgage (to avoid paying product fees) and the switch to whatever product you want when you have the final answer. This does happen when people don't have a definite property or date in mind. The risks you run by this are
    1. You don't get the best deal because they move from lender to lender and
    2. The offer will have a shelf life of around 6 months, so you may not sell/buy in time
    3. There probably will be fees, valuation springs to mind and maybe some legal fees.
  • Ian73
    Ian73 Posts: 194 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thanks for your replies,i understand there might be fees involved etc,etc its just the initial 'Yes' we will lend you £xxxx.
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