Mortgage in principles

misswig

Hi

We are looking to buy a house October/ November time before our tenency is due for renewal at the end of November. Previously when buying property we have been advised to get a mortgage in principle before house hunting. W have just been told by a mortgage advisor to find a house first before applying for a mortgage. This seems a bit of an odd way to do things but it has been a while since either of us hv bought a house and was which way would be best. Any advise great fully received!

Thanks

Arthur_Sleep

misswig wrote: »

W have just been told by a mortgage advisor to find a house first before applying for a mortgage.

Some folks think that having a mortgage in principle/decision in principle is a useful thing to have before you make any offers, as it shows that you're a serious buyer and that you have a decent chance at getting a mortgage approved. They only stay valid for a set period (30 to 90 days generally) so it's best to only get one just before you plan to start viewings and putting offers in. Can you get an offer accepted without one? Probably.

G_M

misswig wrote: »

Hi

We are looking to buy a house October/ November time before our tenency is due for renewal at the end of November.
Do not fora minute believe you can co-ordinate the timing of your purchase with the end of your fixed term AST
Previously when buying property we have been advised to get a mortgage in principle before house hunting.
Sensible. It helps you understand how much you can afford, and shows agents and sellers you are serious.
W have just been told by a mortgage advisor to find a house first before applying for a mortgage.
Of course, you cannot apply for a mortgage till you have found a property.
This seems a bit of an odd way to do things but it has been a while since either of us hv bought a house and was which way would be best. Any advise great fully received!

Thanks

what is the issue?