In a flap, what to do!

sunshine_and_rain

Hi
We have seen a house and have had an offer accepted...maybe we jumped the gun a bit so need some advice. We are seeing the bank today re mortgage and need an acceptance in principle for the estate agents to continue. If we get an acceptance does this tie us to the bank, we have another appointment on Saturday elsewhere and need to check out what they offer.

We aren't in a chain and really want this house, any help much appreciated.

Thanks

MortgageMamma

No the agreement in principle does not tie you into the bank, however, think carefully when shopping around for a mortgage as multiple credit checks will damage your credit rating and reduce your chances of getting a really good mortgage

the best way to shop around it to use a fee's free whole of market broker, they can do all the legwork on your behalf, present you with the most competitive deal for your circumstances and then facilitate the application.

Cara79

Hi ya

Don't worry, getting an AIP doesn't hold you to that bank. However, I'm a little concerned when you say you're seeing someone else on Saturday.

You would be far better seeing a whole of market broker, who can check all the different schemes and lenders for you. By going to two different banks and more, they will each run a credit check on you and the more they do that, the more 'footprints' it leaves on your credit history and will therefore have an adverse affect.

I would imagine you're ok with two, but bear in mind that you're better going to one person to look at everything, rather than visit a few banks here and there.

Hope this helps
Cara
x

sunshine_and_rain

Thanks for your advice, we have a friend who is a broker and has given us some figures, so I guess my best bet is to let her help as she will have got us the best deals? How long does it take for an acceptance in principle? Thanks!

kingkano

sunshine_and_rain wrote: »

Thanks for your advice, we have a friend who is a broker and has given us some figures, so I guess my best bet is to let her help as she will have got us the best deals? How long does it take for an acceptance in principle? Thanks!

That depends. If your circumstances fit you can have it instantly I believe. It could be referred and take upto a day to come back though.