Mortgage in principle - selling??

cheerio14

Hi,

I'm a very confused first time seller. My husband and I are looking to sell our flat to move to a house. I thought that it was the same process in that you got your new mortgage in principle before you sold but I just spoke to someone else and they said that we have to sell first then get the mortgage in principle. In some ways this makes sense but it also seems a very convulted way of doing it - I understand that the sold price would dictate how much money you had for a deposit on a new place.................. in short I'm very confused and if anyone can shed any light on how we go about selling / moving I'd be eternally grateful!

kingstreet

An agreement in principle will probably expire before you sell, making a pointless footprint on your credit file.

Speak to someone to establish that what you are looking to do is likely to be possible, setting out parameters for selling at different prices, with differing levels of deposit for your next purchase.

You should be able to establish everything's going to be ok without having a credit check done now.

Mobeer

I would get an agreement in principal so that when searching for a new property you have this and can show it if needed.