We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Mortgage in principle or full interview

Options
Hello, I am just listing my flat for sale. I then hope to buy a house with a 50% mortgage. I am self employed with sole trader salary style wage with 4 years history.

I am worried about not being lent any money and I have an agreement in principle, but I can arrange an interview. Should I go to this interview now and would they offer me a mortgage or am I meant to wait until I 'buy' a property?

Thanks

Comments

  • Windofchange
    Windofchange Posts: 1,172 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    What are they offering you a mortgage on? If you don't have a property to purchase yet then there is no point going any further as the bank want to know what you are buying, where, how and so on. You are supposed to wait until you have found a property. 
  • What are they offering you a mortgage on? If you don't have a property to purchase yet then there is no point going any further as the bank want to know what you are buying, where, how and so on. You are supposed to wait until you have found a property. 
    Thank you!
  • You can’t start a full mortgage application without knowing the property you’re going to buy and have an offer accepted on it.

    Mortgage offers are property specific
    Right! Thank you for clearing this up!
  • Having said all that, if you are concerned it might be worth starting a conversation with either a mortgage broker or bank mortgage advisor. Nothing you have said is screaming declined, but the devil is in the detail as always. We are a very straight forward case, but our broker was happy to discuss our situation with us and give us plenty of advise and re-assurance before we went and applied for the real thing. You can do a decision in principle, but you might also want to seek some professional input? 
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.