Mortgage in principle or full interview

tracytown

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

Windofchange

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. 

tracytown

Windofchange said:

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!

tracytown

mortgageFTB said:

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!

Windofchange

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?