Mortage AIP

Newway

I am about starting to buy a house/flat but I am totally new on this. I was advised by one of my friends to get an Agreement in Principle before going to the estate agencies. Is this the common approach?
Regards to AIP, does it matter which bank I go to? does it cost you anything and how long does it valid for ?

also I have a slight worries on the mortage, I am a first buyer and I
have a long, good credit history, reasonable salary (£55k in london)

but my wife has just switched a credit card and missed the first payment due to not having received statements in post (we complaint and they refunded the charge but it will stay on the file I guess)

would this be problematic in taking out a mortage, I am thinking a property that's around £260K and I can pay up to £100k.

ACG

Is the mortgage in just your name or joint?

The estate agent will usually require an AIP before taking the property off the market. If your not sure, why not see a broker? They will help you with the whole process, find you a deal that wont mind the late payment and basically just help you to make the process a lot easier and less stressful.

mimimt

Speak to L&C and ask them to do an "enquiry" search and get you an AIP

Do not get AIPs directly from bank websites and most (if not all) will leave a footprint on your credit file. An "enquiry" is different from an actual search and is not reported as a "search" so doesn't hurt your credit profile.

Newway

ACG wrote: »

Is the mortgage in just your name or joint?

The estate agent will usually require an AIP before taking the property off the market. If your not sure, why not see a broker? They will help you with the whole process, find you a deal that wont mind the late payment and basically just help you to make the process a lot easier and less stressful.

Thanks, mortgage will be in my sole name, so you can start viewing etc before having any AIPs?

Dave_Ham

You can view whenever you want, try not to get strong armed into the Estate Agency mortgage advisors though typically not good and they will see a first time buyer a mile off. They will only remove from market once offer accepted if you product proof of agreement in principle.

An AIP does not take long to get, especially given what looks like a straightforward case all round.

Good luck - just beware of pushy estate agents!