Getting a Mortgage in Principle

ashcarrot

I'm considering starting the plunge into the old housing ladder, and I understand that getting a "mortgage in principle" might be a good idea for a) dealing with estate agents and b) making sure the lender will lend to me (shouldn't be a problem as i'd be under a 3x multiple and have a very healthy deposit)

Now I was going to go for Eggs Flexible (Base Rate + 0.75%) for all its features etc. What I wanna know is to get a "mortgage in principle" its seems I have to start the application process for the mortgage, would I have to pay for this (ie if i dont find a decent property I want and give up is it going to cost me anything) Or is there a better way to do this (if doing this at all is advisable)

Thanks
Ash

fivemice

Have you been to see a financial adviser/mortgage broker yet? That would be your best first step...

LisaT186

Might be worth while going to a broker to firstly see how the egg deal compares to other flexible mortgages in terms of rate and features. Secondly you will then be able to try for a decision in principle. Not all lenders offer these, but those who do don't ask for any fees. Find out whether or not you are credit scored / searched when they look at the application as if you are shopping around then you don't want too many searches on your file or it takes your credit rating down. If you visit a broker you will be able to narrow down your choice and just apply to the most appropriate. If you then find a property it speeds the process up and part of the application is already done.