Mortgage in Principle- First time buyer

OXFORD_SMOGGY

Hi looking to get on the ladder with my gf in end of July this year.

Situation-
We are looking for 335k house and have 45k saved up, 35k for 10% deposit and 10k for fees. We earn 40k + 30k + 5k bonus and are looking to borrow 300k. We both have good credit scores of over 975 with experian.

Questions-

1- Should I be looking to apply for a mortgage in principle now?

2- Should I apply for as many as possible to see who will lend the most or will that affect my credit score?

3- I was looking to apply for a mortgage in principle with nationwide, hsbc and halifax, if I should only choose one which one should I choose, the one that gives me the best rate/mortageg plan from a moneysupermarket comparison? The problem is it looks like HSBC will give the best rate but Nationwide give 4.5x salary as opposed to just 4x at halifax/hsbc and we need the max we can lend to get wht we want in London.

4- How accurate will the amount on the mortgage in principle be, it seems very loose and subject to change?

5- I get a bonus every year which is very volatile, 1st year I got 2k the 2nd year 1.5k and the 3rd year 13.5k. What amount should I put down on the mortgage in principle, I was thinking 5k (lower end of half way)but obviously I don not want to boost our mortgage in principle for something that we wont actually be able to borrow but the extra borrowing could be crucial to what house we can borrow for.

kingstreet

No. A DIP typically lasts no more than three months.

No. Find the lender you are most likely to borrow from and get one. Do no more from then. If you ultimately borrow from another lender, that will be a second check and that's enough.

Halifax is a soft search leaving no visible footprint on your credit file. It would do the least damage, but be less reliable as a result.

A DIP confirms the maximum amount you can borrow based on the information you have provided. The better the input the better the output.

Ignore variable earnings until you know exactly how your chosen lender treats them and if you can evidence them to the lender's liking. Stay within the borrowing power from your basic incomes alone if you can.

If I were you, I'd talk to a broker and establish what can and can't be done based on the broker's experience of lender criteria, rather than strolling up and down the high street risking speculative credit searches before you can count on anything you're told.

You'll then have someone who will guide you through the homebuying process and how the legal and mortgage work all fits together.