Mortgage in principle

kannaiah

We are first-time buyers and looking for houses.

For some houses, agents are asking to see a mortgage advisor even before showing the house to get a mortgage in principle.

We recently saw a place and made an offer for which we did not get any reply yet but mortgage advisor from them contacted me and want to help us, they want to see our payslips and bank statements.

I'm skeptical about giving my payslips and bank statements before accepting offers. My fear is this would be bad for any negotiations if possible later.

I have been searching online but unable to decide on what to do.
I have the following questions,

- is it alright to show payslips and bank statements to agent recommended mortgage advisor?
- At what stage normally I would be expected to show my financial statements?
- Can the agent, force me to use their (recommended) mortgage advisor?

I know at the end I can go with anyone I want but my concern is only about price negotiation

Thank you.

MsGeorge88

When viewing properties, agents like to see that you have a mortgage in principle so they know you are a serious potential buyer. you do not have to use a broker recommended by the agent, you can use your own.

Crumble2018

Find a good broker, get an AIP, and THEN view properties. Agents wont take a property off the market until they see an AIP.

amnblog

Do not work with the Agents Broker. You are correct in assuming it is not smart for them to know how high you can be pushed budget wise.

LawAbiding

If you have a clean history, decent pay and the online calaculators on bank websites, show you can afford such a mortgaage, i would obtain the agreement in principle, yourself online.

I did this with RBS, it has no impact on your credit report, and you have it instantly in your emails.

I secured a property using this AIP, then went to the broker for a full application which ended up being with another mortgage lender.