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Authority to proceed letter
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Kcaj94
Posts: 30 Forumite
Hello all,
I wonder if anyone can help.
I am looking into applying for a Shared Ownership Resale as a first time buyer.
A number of my friends and various mortgage brokers have talked about an 'Authority to Proceed Letter'.
Can anyone tell me what this is and how it will help me? As I currently have no idea.
Thank you!
I wonder if anyone can help.
I am looking into applying for a Shared Ownership Resale as a first time buyer.
A number of my friends and various mortgage brokers have talked about an 'Authority to Proceed Letter'.
Can anyone tell me what this is and how it will help me? As I currently have no idea.
Thank you!
0
Comments
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ATP applies only to HTB Equity Loan.
You'll have a Memorandum Of Sale from the HA on a Shared Ownership resale.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you Kingstreet.
Will a memorandum of sale be issued after my mortgage has been approved?
Or can a memorandum of sale help push through a mortgage application?0 -
The Memorandum Of Sale sets out the details of the vendor, purchaser, both solicitors and the fine detail of the price, percentage being purchased, ground rent, shared ownership rent, service charge and probably the residual lease term.
You need it to be able to apply for a mortgage as it contains much of the information needed.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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