We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can you secure a mortgage product before you find a house?
Options

bmwlee
Posts: 3 Newbie
Hi. Actively looking to purchase a home (1st time buyer). Is it possible to secure a mortgage product before I find a home that I want to buy even if it means paying a fee? Or can I only secure a product once I am actively processing an application on a property? Thanks
0
Comments
-
You can get an agreement in principle.
But will be unable to absolutely "secure", in the sense of guarantee acceptance for the mortgage, as many of the aspects in underwriting the mortgage are down to the individual property.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
basically what I'm looking to do is secure the product/interest rate before rates rise as i've not found a house I like at the minute. Do you think it would secure the product or just the agreement they would lend me the money0
-
I want to do the same thing, as it's taking longer than we hoped to sell our house and I don't want to miss the deal we've got our eye on with HSBC. We have an agreement in principle, but HSBC will not let us book the deal until we actually buy our next house.0
-
Hi Bmwlee,
Unfortunatly I don't think you can secure a specific product until you have an offer accepted as a full mortgage offer is specific to a property, you can get an agreement in principle but that doesn't guarantee the product only that at that particular point in time they may offer you one subject to everything being as you have told them. Even mortgage offers have time limits on them, I had to complete within 3 months of the mortgage offer I think or I would have to reapply and the product I got wasn't available a week after I got accepted so I would have had to get a higher rate had the offer elapsed. I can see why you might want to secure a good deal now before it is gone but I just don't think thats a possibility.
Gem0 -
thats not good news, especially with interest rates hovering on the edge0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards