First Mortgage - Certificate?

smcqis

Just looking a bit of advice as a first time buyer. I have been to see a Mortgage Broker and had a good discussion on my options and it was left like when we see a property we like to come back to him. I am not very familar with the process but how important is it to get a "Mortgage Certificate" to say you have your mortage in principle ready to go? Like in my current situation if i seen a house i like how long would it take to get the mortgage sorted (which would be from scratch)?

Really what i want to know is should i be getting one of these certificates to speed up the process (if i does?) and how long do these certificates remain valid for?

camper_1982

About 3 months i think, however, we followed the same process on this advice, sold our house, told how much we could borrow, so went and put offer in on a place, then did main application, then they reduced the amount of the loan we could borrow right at the end of the process, so now im applying to another one, who gives us more affordability and waiting to hear if that goes through now.
Not a nice process, we have had a horrible time with it, im paying money out left right and centre so i dont want to back out now, got to keep going.


Id say at least 2 weeks from application until you get an offer, first week you should know if you have got it, 2nd week they should be arranging the valuation. but due to the reduced amount of lenders on the market now, applications can take 4-6 weeks to get to offer stage.

smcqis

So do you recog i should got through the first stage prior to making a bid on a house, cos lets face it, we have only been told what we can get, no concrete offers