FTB ready to start looking at , help needed...

englandcrew

Hi,

So the situation is we are ready to start looking at houses after reaching our savings target. I have been following the forums for a few months now and still cant get my head around the "correct" order to do things.

Do I need an AIP when looking at houses? I had one done around 7 months ago but it has expired (bit reluctant to get another and it possibly expire).
Should i go see an independant mortgage advisor and get a solicitor whilst still looking at houses?

Thanks in advance

The_J

Nah, find a house first then sort the mortgage and solicitors after.

englandcrew

Ok thanks.
At what stage should I get them then, before offering?

What about the aip, do I need that?

Polly05

scuse my ignorance, whats a aip?
ta

gazfocus

I think the best way to do it is look for houses, then once you've found a house you want to offer on, get your AIP.

ACG

AIP/DIP Agreement/Decision in principle - basically a lender saying they would be prepared to lend you the money.

Find a property, make an offer, get it accepted, get an AIP then the mortgage.

Polly05

ACG wrote: »

AIP/DIP Agreement/Decision in principle - basically a lender saying they would be prepared to lend you the money.

Find a property, make an offer, get it accepted, get an AIP then the mortgage.

ahh thanks..
so is that how you do it then? put offers in and get it accepted before you apply for a mortgage?

ACG

The majority of time it is.
You can have the AIP first, but if you do that and then dont find a property its been a wasted search on your credit file.

Thrugelmir

More often or not you'll find that the vendors will want confirmation that you can obtain a mortgage prior to accepting an offer and taking the property off the market.

While a DIP is not a guarantee of obtaining a mortgage its a step forward.

englandcrew

Thanks for the replies. At what stage should i get the solicitor and see the mortgage advisor?

Thrugelmir

englandcrew wrote: »

Thanks for the replies. At what stage should i get the solicitor and see the mortgage advisor?

With regards to finding a solicitor you can obtain quotes and seek referrals straight way. All they'll need to know is the potential purchase price to quote.

Like wise speak to a mortgage advisor and start researching the mortgage that might be available to you, i.e. what you'll be able to borrow and how much it will cost.

Then you'll be prepared once you find a property.