Online Mortgage

cube101

Hi All,
Just wanted to pick your collective brains if you dont mind?
I'm looking at buying a property, I have a 50% deposit so will need to borrow the rest, this will be my first Mortgage. (The borrowed amount will be about 2x my salery)
I'm guessing I need to get some kind of 'agreement in principle' before I start looking seriously (Already been searching online to get an idea of asking prices)
Is this somthing ill need to make appointments at banks to sort out, or can this done online now?
Do agent normally want to see some evidence of funding before taking you seriously?
Thanks.

dotdash79

Depends on the lender but most allow you to do one on-line, however don't get loads done as many searches could impact your "credit rating".

ACG

Some estate agents will want to see an agreement in principle and/or proof of deposit - the bad thing about this is they can then see what you can borrow and can use this against you when haggling.

With regards to an application, some lenders do allow you to do it online, some over the phone and some in branch... there is no set rule.

HappyMJ

cube101 wrote: »

Hi All,
Just wanted to pick your collective brains if you dont mind?
I'm looking at buying a property, I have a 50% deposit so will need to borrow the rest, this will be my first Mortgage. (The borrowed amount will be about 2x my salery)
I'm guessing I need to get some kind of 'agreement in principle' before I start looking seriously (Already been searching online to get an idea of asking prices)
Is this somthing ill need to make appointments at banks to sort out, or can this done online now?
Do agent normally want to see some evidence of funding before taking you seriously?
Thanks.

As long as your credit rating has no arrears or defaults on it then I really don't think you need to worry about it.

You can look seriously and put in offers "subject to finance". It doesn't really matter if you don't already have finance lined up at the moment you put an offer in.

Agents like to see something but you do not need to show them anything. They must pass on any offers to the vendor.

amnblog

We work online as mortgage brokers so you do not need to restrict yourself to approaching one lender as you can get access to the whole of the market online if you go to the right place.

cube101

Okay thanks guys, most helpful.
Just applied for my credit reports from Equifax and Experian, both should be okay unless they have mistakes, worth checking I guess.
Must admit I did not realise dealing with banks about mortages would impact your credit score.
Need to investigate the various finance routes in more detail
Thanks again

kingstreet

Get Call Credit version too.

One or two lenders use only them.