Make offer before getting AIP?

Mac1977

I've been in touch with L&C recently about taking out a mortgage. Their advice was to contact them again when I've had an offer accepted.

Everything I've read about getting a mortgage indicates you should get an Agreement In Principle before making an offer.

I've seen a property that I am keen to purchase, and L&C tell me they see no problem in me getting a mortgage. The property is in Scotland, by the way.

I'd welcome advice on this please.

Thanks

herbiesjp

If you want to get an AIP there is no reason why a broker cannot do this for you - depending on the lender it can take from 5 mins to 48hrs max

L&C have that policy and will not budge on it.

If you do not like that situation you can always find a fees free whole of market adviser who will be glad to do that for you.

If you get the AIP at least that way you wil have more confidence when putting in the offers, and vendors may have more confidence in you as well

HTH

Mac1977

Thanks.

Next question -is there an easy way of finding a fees-free, whole of market adviser?

herbiesjp

Can you ask friends or family for any recommendations?

AndrewSmith

As you are buying in Scotland where an offer constitutes a commitment to buy I think it is absolutely essential you obtain an agreement in principle prior to making the offer.

It is all very well for a broker to say to you 'there should be no problem obtaining a mortgage for you' but without actually sourcing the case for you, coming up with some appropriate options and agreeing the best product for you, the gaining agreement from that lender via AIP they are not really in a position to say that.

If there is some credit score issue for example it will be you that is left in a situation where you have committed to buy a property under the Scottish system and may not actually be able to get the mortgage product you wanted, thus compromising the affordability etc and possibly in a situation of forfeit.