FTB Help

joe_purdy

Hello

Im 21 and a FTB and finding some of the process quite mind boggling.

Ive seen a house i like on at 79,500, a bit unrealistic so would not be prepared to pay that price.

I want to make an offer but dont have a mortgage in place yet, ive seen 2 mortgage advisors so i know it is in budget for what i can afford and will be lent so can question is can i put an offer in on the house or do i have to wait till i've applied for the mortgage.

I think the house is worth more nearer to 70k as one has just sold on the same street for 64k which was near the same just a slightly smaller kitchen.

I have a roughly 25% deposit and inc wtc earn near £1,200 per month

Thanks Joe

kingstreet

You can't make a full application for a mortgage until you have an agreed purchase price and have asked a solicitor to act for you.

At this point you may feel an agreement in principle (AIP) useful and this is actually the first part of the full application, which is simply continued from the basics input at AIP stage.

joe_purdy

thanks for your help

so i am right in making the offer on the house first, then applying for the mortgage as i will know how much the mortgage will need to be for? i think i have a aip as i have a sheet of paper telling me if i borrow a certain amount how much my monthly re-payments will be

Brallaqueen

Having a formal AIP in place can help you look like you are a committed buyer, but its not the be all and end all. Solicitor ready to go is also helpful and sols can confirm your position without giving away your max budget.