First Time Buyer

l8onjones

Hi,

Me and my partner are looking to buy a house in the very near future and have been told that if we have a mortgage agreed in principle that it puts us in a better negotiating position is this correct?

Also before the move im going to be looking to transfer the finance from my dad to myself for my car is there a specific order you would ay to do these in?

ACG

Estate Agents may want to see a copy of the mortgage in principle or they may try to blackmail in to seeing their own broker.

Be very careful about doing any of these before agreeing a price on the property.

If they know how much you can borrow, it may impact on the price you pay. As another member on here put it, its like playing poker with your cards showing.

l8onjones

So what would your advice be to agree a mortgage in principle but not tell the estate agents the amount?

Also would you say the application to put the car finance in my name would help or hinder this?

ACG

Personally I say to agree an amount and then get a Mortgage in principle - if the offer is not agreed then it may expire and then you may need another mortgage in principle when you find another property.

But sometimes the estate agents insist on it.