Mortgage Rate For 1st Time Buyer

Geoff240376

Hi

I want to take out a first time buyer mortgage and need some advice. I believe that interest rates are due to go up and wish to apply for a mortgage before this happens as it will make a significant difference to my repayments. However I was told that I could not apply for a mortgage until I had put an offer on a property and have just started looking. I also know that a friend applied to remortgage and the mortgage offer is kept at the rate set on the date of application and will be kept at this rate for 6 months whilst he finds somebody to undertake extension work on his house.

Please can anyone tell me if I can do the same as him and apply for a mortgage now and keep the rate on application while I look for a property?

Thanks

herbiesjp

Your situation is different to your friends.

He has "applied" for the re-mortgage, and as he has a property already, he can complete on the re-mortgage whenever he needs to. His mortgage offer will be valid for the 6 months, so he can complete his re-mortgage at any time within that timescale


You on the other hand are a FTB and have not found a property. The rate would be allocated to you upon application, but you cannot apply yet, as you do not have a property.

You would need to find a property in reality

HTH

Geoff240376

If I may ask a theoretical question. If I found a property, and then the sale fell through, would the mortgage still stand for a period of time ?

Would I have to pay any fees at the time of arranging the mortgage or are all paid at completion ?

Thanks for your advices, they are much appreciated.