Mortgage in Principle query

Rog4632

Hi guys, Im trying to buy a house and the estate agent is adamant on the mortgage in principle, my query is does it show an amount on the paperwork(how does it work) because they want to see this whilst im making offers. also any idea of how long they last for.

whats your guys opinions on MIP im a bit reluctant due to 2 credit checks

Thanks

ACG

I send my clients a letter that says I have completed a factfind, assessed their credit reports and affordability and I can get them a mortgage for the amount needed. That tends to do the job.

I do not like doing MIPs either until an offer has been agreed as they can show how much you can lend and the lender of choice today may not be the lender of choice tomorrow so like you say, could be a wasted check. Agents do have an obligation to ensure you can afford it but there are no specific ways of how that can be done.

If you have a broker, can they help?

MortgageMamma

I expect the main reason for this is that the estate agent wants the OP to use their in house broker.

Not a good idea to do that Rog4632, as you need someone impartial who is only acting in YOUR best interests, not the sellers.