Mortgage in Principle

mantamark

As title, We are still waiting for a buyer for our flat, and are getting a bit twitchy about rates & stuff, we have a house we want, if we apply for a mortgage in principle, does that mortgage stay frozen for us until we move?

Or is it just a case of, yes, we can give you that mortgage, but it can change at any time in view of rates etc?

Its all a bit confusing!

Thanks,

Mark.

_Andy_

the rate will only be honoured when a full application is submitted (when you have made an offer on a house you want)

mantamark

But it will be honoured at the rate i applied for it, or when the full application goes in?

How long are they generally honoured for?

Thanks.

Housebuyer958

Your AIP should say how long you have to accept the offer (mine said 6 months)

But as far as I know, the rate could change - as banks can pretty much do what ever they want

_Andy_

mantamark wrote: »

But it will be honoured at the rate i applied for it, or when the full application goes in?

How long are they generally honoured for?

Thanks.

The rate will be secured at whatever rate it is when you submit the full application .

xyellowx

halifax 6 months