Pros and cons

follyfoot

I am thinking of purchasing a new build to live in which wont be ready for occupation until next year May. however, i spoke to a mortgage broker who suggested i get a mortgage in place now which i could opt out of before completion if a better deal was found. i would like to know the pros and cons of this?

nmiah786

Paying two valuations fees maybe?

Dont know if the next lender will accept the first lenders valuation report!

homer_j_3

It may be wise to get an agreement in principal to show the buildedr that you stand a good chance of being able to fully commit to the purchase.

I doubt you would get a mortgage offer to last that long anyway and deals that are available today will most definitely be not around in May next year. They could be better or they could be worse.

I wouldnt commit any expense to the mortgage aspect at this stage.