Mortgage Initial Appointment ?

Shiloe

Hi everyone,

I am wondering if I was to go to an initial meeting at a bank to find out how much money they would be willing to lend me, would they ask me for any paperwork as I wouldn't actually be 'applying' for a mortgage and would essentially just be getting an idea of what I could afford ? And if so what would they be looking for ?

Thanks in advance

Thrugelmir

Be prepared to answer questions on your income , employment etc. Simple as that.

sulphate

When we did this, we took our paperwork with us but they didn't check it, like you say they don't do that formally until you're making a full mortgage application. I suppose it depends on the bank, but there's no harm in taking it. We took 3 months' worth of payslips, identification (driving licenses) and proof of address (bank statement).

Hope that helps, good luck

Shiloe

Thats not a problem I was just wondering if they would be looking for bank statements etc

Also if you apply for a mortgage I am sure I read it essentially 'links' your credit files however I am assuming an initial mortgage meeting when you arent applying and are looking for how much they will give you wont 'link' your credit file ?

ACG

Have you decided your going with that bank for any particular reason?

Ensure they do not do a credit check unless your close to purchasing a property. The reason being is that it does have an expiry date and you dont want to have to do another credit search if possible.

Shiloe

I am definitely not close to purchasing I havnt even found a house I love yet so if I go and find out how much they will give me I will make it clear I am not looking for a definitive offer therefore that should mean no credit check or expiry date

ACG

Thats true.

Which bank are you going to?

Shiloe

Honestly havn't decided I know I need to look at rates available etc but because I havn't found a property I want to go for I have not looked at rates yet

ACG

ok, the reason i ask is that most lenders have calculators on their websites which are usually pretty accurate and thats all your broker will use. It could save you sitting in an appointment.

The other basic way i do it is to just multiply your income(s) by 4. If you have any debts then multiply the monthly repayments by 12 and deduct that from your annual income before multiplying by 4.

Its a very basic calculation but it gives you a ball park figure. Some will offer more and others less - but atleast your getting close to what you can borrow.