Need mortgage agreement in principle by close of business on monday!!!

B2_LNW

Hi everyone

We have found a property that is perfect for us however the estate agent failed to mention it is going to sealed bids at close of business on monday and we haven't got a mortgage in principle, how quick and easy is it to get one, can it be done on-line? many thanks

aussielovell

i got mine on line but took 24 hours. best bet is go into your chosen mortgage provider first thing and ask for a meeting. loads will be able to see you in my experience. i got three in one day just walking around

B2_LNW

thanks for speedy reply, we are both working on monday, hopefully we can take our lunch break together, who did you get an on-line mortgage agreement with? thanks again

Milky_Mocha

24 hours? I got mine in about 3 hours using a broker. However it took me a couple of days to decide which one to go for after comparing rates, fees, fixed term, etc. Its not a decision to be rushed.

MortgageMamma

why dont you give us some of your personal details, earnings, age, financial commitments, amount of deposit, amount you wish to bid and the amount you wish to borrow, together with your credit history and perhaps someone on here who knows that they are talking about will give you a nudge towards the right lender

or alternatively you could speak to a mortgage broker and get them to do it for you

herbiesjp

Depending on how quickly a broker takes to type it in, you could have an AIP back in 10 minutes (depending on the lender)

HTH

B2_LNW

Is there any MSE'ers that are fees free and whole of market that can help? Most places are shut today and it would be nice to get is sorted today rather than rushing about tomorrow. The property had an asking price of 124950, we want to offer 130111.

Our details

Mortgage amout £123111
Deposit £7000 (we have £11000 saved so can put larger deposit? was saving some for improvements and solicitors fees)

Applicant 1 £16466 Skilled worker Age:20
Applicant 2 £11000 Professional (is an estate agent, don't know if thisd matters?) Age:18

No debts
Perfect credit history

We are in Kent

If anymore details are needed please ask.

Many thanks in advance

shameless-about-money

Why should a mortgage broker give you advice "fees free"?

They are entitled to charge for the work that they have to do!

MortgageMamma

We get commission shameless, I am often fee's free, depends on the case and the complexity

B2_LNW just to let you know, sometimes an AIP won't give an answer straight away, within 10 mins - it can often get referred to underwriters for a closer look but if you are in a rush a broker will most likely avoid the slow companies

MortgageMamma

Oh and do be careful how many times you allow yourself yo be credit checked - too much credit checking can damage your credit rating

herbiesjp

MortgageMamma wrote: »

We get commission shameless, I am often fee's free, depends on the case and the complexity

B2_LNW just to let you know, sometimes an AIP won't give an answer straight away, within 10 mins - it can often get referred to underwriters for a closer look but if you are in a rush a broker will most likely avoid the slow companies

NOt really about being in a rush MM

Once all the information has been recived from the applicant, and mortgage researched, most of the lenders who have on-line systems do give an answer. - I've not had any refers for a long time now

Some do get referrred (usually due to the address format in my cases), but the choice of lender with which to do the AIP is dictated by which mortgage is best for the client, and not the speed of the AIP.

HTH