First time buyer next steps

garetheightfour

Hi,

We have found a house we would like to offer on, do I first go to a mortgage broker and get a mortgage agreed in principle or do I offer first and then apply for a mortgage in earnest?

I have done my own research online and know what I want - 3 yr fixed over 30 years with LTV of 75%. I am looking to borrow less than the online calculators say I can, but am aware this might change.

Thanks!

ACG

Its probably not a bad idea to speak to a broker sooner rather than later in order to make an appointment to go through a factfind so they can go off do the research etc. But there is nothing stopping you making an offer now, although some agents will not allow you to make an offer without seeing a Decision in principle first.

dimbo61

So you have checked online about how much you THINK you can borrow.
Have you got your credit reports from the credit agencies ?

In the UK there are three main credit reference agencies – Callcredit, Equifax and Experian. They work with building societies, banks, mobile phone companies and other major retailers to help them make a quick and accurate decision about whether the person applying for credit is likely to pay it back.

garetheightfour

So you have checked online about how much you THINK you can borrow.
Have you got your credit reports from the credit agencies ?

Yes, I am well aware I might not be able to borrow as much. I have two children and a partner to support. That said I have the max Experian score and high scores with the other two. The mortgage should work out £200 less than my current rent and I want to borrow £15000-20000 less than the online calculators are saying I can.

If I put in an offer and it gets accepted am I liable for anything if I fail to get a mortgage?

Do you get a survey done before the mortgage application ?

many thanks!

ACG

Are you in Scotland?

The valuation will be instructed as part of the application. Some instruct the day the application is made, others will instruct it following the underwriting.

garetheightfour

No england.

ACG

Making an offer and it being accepted does not bind you to anything in that case

B1A1

garetheightfour wrote: »

Yes, I am well aware I might not be able to borrow as much. I have two children and a partner to support. That said I have the max Experian score and high scores with the other two. The mortgage should work out £200 less than my current rent and I want to borrow £15000-20000 less than the online calculators are saying I can.

If I put in an offer and it gets accepted am I liable for anything if I fail to get a mortgage?

Do you get a survey done before the mortgage application ?

many thanks!

Hi ,yes its best to get survey done once your application has been sent , survey & valuation usually get done at the same time

mildredalien

We spoke to a broker before we viewed anything to get a decision in principle on how much he thought we could borrow based on earnings/affordability etc. We were asked for that once we'd made an offer and the EA said he'd take it off the market as soon as we confirmed we had a DIP. We then got back in touch and the broker advised us on a mortgage and sorted the application within a couple of days.

I'm not sure how long it will take to hear back but I imagine we won't get a survey organised until we get a decision on our mortgage application.