Mortgage in principle (help)

Heisenberg87_2 · 31 October 2014 at 11:28AM

Me and my partner are looking to buy a property in the next 2-4 months and was wondering if it would be a good idea to go into a Nationwide branch (we are using the save to buy scheme) and get a mortgage in principle for £210,000 (this is what we are looking at). Just so we know we are likely to be accepted and what we can borrow afford etc... My only worry is that we don't find a property in the first 3 months and have to re do the checks again...

We both have an excellent credit score on all three credit reports as well as no debt (if that helps)...

Mortgage_Mark_2 · 31 October 2014 at 11:55AM

The MIP is only technically valid for the day that you produce it anyway, since in theory you could miss a payment on a credit card or something the very next day which clearly would change your credit profile.

If you got the MIP and then took three months to find a property, you still know that providing there have been no detrimental changes in your credit situation (i.e. missed payments, taking out extra credit, income reducing etc) then you will more than likely be accepted again.