Can I submit a full application before finding a house?

ZsaZsa

Sorry, this is probably an odd question. My husband and I have very unusual financial circumstances. We met with a broker last week but we have no faith in him whatsoever, so we're seeing someone else next week, who seems more confident. I'm just concerned that we might get a DIP, but then get turned down. Is there anyway of getting a definite decision, and then start looking for a house, to save any disappointment?

ACG

No. You need to find a property before submitting a full application.

ZsaZsa

Thanks, I feared that would be the case. I'd hate to put an offer and then have to withdraw if we can't proceed. I just wanted to be sure there wasn't another way.
Thanks for taking the time to reply :-)

Malmo

As ACG says.
The mortgage funds following a successful full application are secured against an actual property and crucially, requires the surveyor's valuation on behalf of the lender.

ZsaZsa

Thanks Malmo, I knew it would finally be dependant on valuation, I was just hoping that there would be a way of securing our side of things.

Thrugelmir

ZsaZsa wrote: »

I was just hoping that there would be a way of securing our side of things.

Circumstances change. Often unexpectedly. So the application has to be made in it's entirety at a point in time. To be of any value.

ZsaZsa

Thrugelmir wrote: »

Circumstances change. Often unexpectedly. So the application has to be made in it's entirety at a point in time. To be of any value.

Of course, that makes sense. Fingers crossed we'll be ok!