Mortgages, Being "Proceedable" etc..

TMoose

Hi

I'm a FTB, and starting to look at properties. I have an AIP from Post Office for my mortgage. I've heard alot of talk about being able to prove your finances to vendors to be looked on as "serious" and "no timewasters". Is an AIP enough? Do they expect a full mortgage approval before they'll consider an offer? If so, how do I get a full mortgage approval without details of the house that I want to buy, or the final agreed price?

Might just be tying myself in knots over nothing, but thought I'd ask!

Moose

GemBlueTopaz1984

Hi Moose,

I don't think you can get a full mortgage offer without having an offer accepted on the house and having the valuation survey done. An AIP is as close as you can get at this stage and should be enough for the vendors.

Gem

herbiesjp

The AIP is all you can give them - however, you are not obliged to get an AIP. You are also not obliged to give them a copy of it. However, willingness to show the vendor/agent can show how serious you are at buying the property.

An AIP is not really worth anything, as it is only once the case has been submitted and fully underwritten that you (and the vendor) will for for sure if the mortgage has been agreed.

TMoose

Thanks guys, that's what I thought... I'm aware that the underwriting is done at the full application stage, and that's where it could all go horribly wrong, although I'm not expecting any shocks (5yr 10mnth-old settled default notwithstanding).

I'm certainly not showing my hand financially to any EA's, however there are probably educated guesses being made give that I'm an FTB looking at stuff on the market for up to about 275K... Ah well.

Moose