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Mortgage in principal advice needed please.
TooDee
Posts: 79 Forumite
We have a mortgage agreement in principal from a whole of the market mortgage broker. I haven't seen this yet as my BF is at his parents house so i'm only going on what he told me over the phone.
We've seen a house twice that we'd like to put an offer in on. I think that our first offer may well be rejected which would be up to the maximum of this current agreement in principal. My BF's parents have already offered to gift us the difference if needed from some inheritance money that they have got. How would this affect our agreement in principal would we just start again with the broker? Would this affect our standing with buying the house? Would the EA want to see anything straight away or would we have chance to go back and get a different agreement after we'd put the offer in?
The mortgage broker did also say that he hadn't taken into consideration my BF's bonus' which some lenders would consider.
We didn't want to add all the money we could get in to the deposit at the start to allow for any work that might need doing to the house and although we have all the furniture we need we need to get white goods as this will be our first home together.
This is all very confusing! I don't think i've had so many sleepless nights as potentially house buying has given me.
We've seen a house twice that we'd like to put an offer in on. I think that our first offer may well be rejected which would be up to the maximum of this current agreement in principal. My BF's parents have already offered to gift us the difference if needed from some inheritance money that they have got. How would this affect our agreement in principal would we just start again with the broker? Would this affect our standing with buying the house? Would the EA want to see anything straight away or would we have chance to go back and get a different agreement after we'd put the offer in?
The mortgage broker did also say that he hadn't taken into consideration my BF's bonus' which some lenders would consider.
We didn't want to add all the money we could get in to the deposit at the start to allow for any work that might need doing to the house and although we have all the furniture we need we need to get white goods as this will be our first home together.
This is all very confusing! I don't think i've had so many sleepless nights as potentially house buying has given me.
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Comments
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Increasing your deposit with a gift will only strengthen your application.
I would say no need to get a new AIP until you have settled on a price, and then your going straight to full application right afterI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Brilliant thank you! Thats what I needed to hear. Need to get an offer in tomorrow really as we're going away and didn't like the idea of going back to the mortgage broker to! (we'll be contactable while we're away just wanted to get the ball rolling!)0
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No Worries, good luck with itI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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