mortgage in principle applications

melysion

Hi there

I recently got a 'mortgage in principle' from Leeds Building Society. It was an online application and - having done more research - I'm not convinced I want to go ahead with it.

How many 'mortgage in principle' offers can I apply for before the credit searches go against me? I've found somewhere I really want to put an offer on - just want to find the best deal really.

Looking to borrow £100,000 - and have a £20,000 deposit. Not a lot I know but enough for somewhere humble

Thought about the Hallifax. Do they have good products? They seemed to be happy to lend me what i need when I played with the affordability calculator (I am a first time buyer - can you tell?)

Any advice much appreciated!!!

melysion

Place I want to put offer on - asking price is £119,000 but would like to haggle if I can.

Scary but exciting if it works out!!

billybear1

Depends.

From what I understand different places AIP's work differently. Ask if the AIP you are going for is a soft search or a full credit search, a soft search will not count as an application for credit and not go against although will be logged on your file for you to see. A more thorough AIP offered by some companys is worth far more, whereas someone like Halifax, from what I understand, throw them around like sweets.

If you are worried I would suggest using a broker, they will assess your credit worthiness, affordability and where to place you. Try and find a recommendation from someone you know. A good broker is worth their weight in gold. I have had 3! This one seems good!

MattJ_2

Can't help with your mortgage situation unfortunately but they house I am hoping to complete on was on the market for 119950.

Vendor accepted 110,000.

Haggling is possible! :beer:

gazfocus

Can I ask what put you off Leeds BS as they're who our AIP is with.

billybear1

gazfocus wrote: »

Can I ask what put you off Leeds BS as they're who our AIP is with.

From what I have read and this is regurgitated information, they can be quite slow.

melysion

The completion fees for Leeds was quoted as being £800 - seems quite a lot

gazfocus

Hmm the mortgage we've had an AIP for only has an application fee of £199 and a free valuation

melysion

Well, to be honest I picked a mortgage at random and applied online, not really expecting it to go though (the mortgage in principle I mean).

I should have read though things more carefully.

I have since sought advice from a IFA and he gave me a much more favourable mortgage illustration from Leeds but did not try for a mortgage in principle as he didnt want too many footprints on my credit file.