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Mortgage In Principle
Shiloe
Posts: 314 Forumite
If you get a mortgage in principle can you 'lock in' a deal you want for a certain amount of time ? I'm now thinking that would be good if you could after Martin Lewis's email said now is the time to fix. I have seen a few 2,5 and 10 year fixes which I am interested in however as a FTB and no house that takes my fancy what are my options to make sure I dont miss out on the low rates 
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I don't think you can lock-in without having a property to get the mortgage offer on, but hopefully the experienced people on here will confirm one way or the other.0
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Nope. You have to commit to a fee to secure a deal and that isn't possible at AIP stage in most cases I can think of.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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I personally dont think rates will rise - they may marginally go up but nothing major - have read of this, http://uk.finance.yahoo.com/news/raising-interest-rates-would-be-catastrophic-105407890.htmlI am a Mortgage AdviserYou 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.0
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Fixed rates are under pressure as the cost of lenders raising funds has increased of late.
Base rate may well not rise in the short term but the cost to lenders is outside of base rate.
If you are ready to buy then go for it. Don't buy a property just to try to get a cheaper rate. Ensure the property is right for you in the long termI am a Mortgage AdviserYou 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.0 -
Maybe i should have read the article before i replied... oops.I am a Mortgage AdviserYou 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.0
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