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FTB Daft Question

I'm looking at purchasing my first house. I have read that it is best getting a mortgage in principle before starting to look seriously.

Now for the daft question. Should i shop round for mortgages now, find the best place for a mortgage for my needs and get a "mortgage agreement in principle" from them. Or, go any old place to get a mortgage in principle, and then when it comes down to the full mortgage checks for real, shop round at that point to get the best deal?

Comments

  • Cat695
    Cat695 Posts: 3,647 Forumite
    I would shop around now.....get it down to a good one and go with that HOWEVER keep your eye out incase anything else pops up while your looking for a house......as I believe no credit check is carried out for a mortgage in principle.

    then if you need to change you can for that better deal.
    If you find yourself in a fair fight, then you have failed to plan properly


    I've only ever been wrong once! and that was when I thought I was wrong but I was right
  • Doshwaster
    Doshwaster Posts: 6,215 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 16 April 2010 at 11:28PM
    c0lc0l wrote: »
    I'm looking at purchasing my first house. I have read that it is best getting a mortgage in principle before starting to look seriously.

    Now for the daft question. Should i shop round for mortgages now, find the best place for a mortgage for my needs and get a "mortgage agreement in principle" from them. Or, go any old place to get a mortgage in principle, and then when it comes down to the full mortgage checks for real, shop round at that point to get the best deal?

    My only warning is not to get too many official mortgage quotes as these count as credit checks on your record (at least that is what i was told). This may look suspicious when you actually apply for a mortgage properly.

    I just went to my bank got an "agreement in principle" letter which really makes you look like a serious buyer by estate agents and sellers. When I actually came to buy I ended up going elsewhere for the mortgage.
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    As an FTB you are attractive to a vendor because you are in a proceedable position, you need to have chosen your lender and your solicitor and be ready to move. Fannying about shopping around after you have had an offer accepted is not what is expected. Not all MIPs leave a mark on your credit file, you will be told if they are doing a credit check.
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
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