Confused about how to do things

lisasmith_3

Hi ive read alot of thi website but i cant find anything that particulary answers my question. Im a first time buyer and me and my partner have ahd mortgage quotes online and have been emailed a mortgage illustration.
There is a flat we want and have put in an offer based on what we have been told we can lent and what we can afford. Is a mortgage illustration the same as an agreement in principle and what do we do next if we get our offer accepted? Do we then apply for a mortgage and hope it all goes through ok? Im confused. We cant get an agreement in principle from the online mortgage we have found, theyve given us an illustration but the next option is to actually apply for it. Please help

absolutebounder

its much easier to use a broker and probably cheaper in the long run

brownie2

I agree with above and go with a broker who has whole of market available. A mortgage illustration is not an AIP. Make sure you get this first so you know the kind of money you can play with. Good luck!

herbiesjp

An illustration not an AIP

Find a good fee free whole of market adviser and they should be able to apply for the AIP for you.

They may even find other deals that may be better suited to you

HTH

jamesd

A mortgage illustration is not an agreement in principle, largely because no credit check has been carried out to generate it, so you could easily fail at that stage if you have missed payments or worse on your credit record.

If the offer is accepted it's time to approach a broker to find the best mortgage deal available to you. No harm in getting an agreement in principle today if you like, since you can get another later if a different lender is more suitable when an offer is accepted.