Mortgage - time limit?

sibelius_2

[FONT=&quot]This may be a silly question, but if I want to buy a property (with a mortgage), do I need to find a property first or should I first secure a mortgage deal? I suspect the latter.

If I get a mortgage approved, how long do I have to find a property before the lender’s terms become invalid? In other words, once a mortgage is approved, do I have as long as I need to find a property or is there a time limit?[/FONT]

Gary123456790

Hi,

You generally approach a lender and get an Decision in Principle. This isnt a full offer but a fair idea of what they will lend you.

This gives you some confidence to find a property, then you make the full application.

Your Decision in Principle might expire but it doesnt matter because you'll be making a full, fresh application when you've found a property.

Gary.

R_P_W

I wouldnt bother with an AIP as they dont seem to count for much.

What deposit do you have? What would you be looking to borrow?

Do you have any bad credit history? What is your income?

I think the lower the LTV% you are looking, the lower the income to lending ratio and having no bad credit history will probably mean you stand a good chance of getting a mortgage.

If you have a good chance of getting one, find a property and then apply - or you could contact a broker (London and Country maybe) to discuss

Nins12345

Use an online calculator to see roughly what you can borrow find your house then get mortgage to avoid unnesscary credit checks good luck