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should i apply for mortgage yet? no formal acceptance!
ferox666
Posts: 177 Forumite
Have agreed price with seller verbally, got solicitor to make formal offer on friday but still not heard anything. worried about mortgage approval (neglected to get mortgage in principle) **so want to apply ASAP** so can try another lender/go to broker if rejected - can I apply despite no formal acceptance? just wondering what will happen if i apply for the mortgage and then seller withdraws/declines...impact on credit report? the £900~ mortgage fee cant be refunded? is it usually quite flexible where sales fall through/fail that its just drawn back and not issued? have read through all lenders FAQs and guidelines but nothing. just says if offer accepted can apply. but its not been formally accepted..but should be..any harm just going ahead and applying for this good deal? 
ps i am in scotland. accepting offer isnt binding anyway until missives completed via both parties solicitors
ps i am in scotland. accepting offer isnt binding anyway until missives completed via both parties solicitors
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Comments
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Why not just do the first part of an application and get an AIP now. You can always build it into a full application when the offer is accepted. Most lenders systems work that way. You have to do the AIP on the way through to the completion of the full application.
It's a way of preventing full apps where they would be declined at AIP stage...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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