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This is a conditional offer made by a mortgage lender that - provided the information you give them is correct - they will "in principle" give you the loan you have discussed with them.
It's very useful to have one before you even start looking for a house to give you the edge over any competition. Having one means you should be able get the actual mortgage quicker when the race to buy your chosen home begins.
Knowing what you can afford will help you narrow your search. You can get this offer in writing to show to Estate Agents and sellers who will see you as a serious prospect and not a timewaster who's interested, for example, in looking around peoples' homes for a laugh.
To get a mortgage in principle you have to go through the same motions as an actual mortgage, ie consider what type of mortgage you want and then find a mortgage lender you feel can offer you the best deal. See How to get a mortgage
You should be able to get a mortgage in principle offered over the phone. It's only when applying for the actual mortgage that the mortgage lender will want to see the proof of your pay etc.
To read more on this subject please see the list below or your mortgage guide or your home buying guide
Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below
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For £2 you can get details of the credit files held on you by either of the two credit reference agencies, Experian and Equifax.
If the information on your file is wrong, or if you would like to add a note of explanation, Either of them will add an agreed statement to your file.
Experian, PO Box 8000, Nottingham NG1 5GX
Equifax
Europe, Department 1E, PO Box 3001, Glasgow G81 2DT.
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MortgageSorter is written by non finance professionals who were fed up with the standard finance industry "information".
We have come up with a website that tries to answer the most basic questions without bias or jargon.
We have also produced other websites tackling other subjects, for example Pension Sorter, Insurance Sorter, Loan Sorter and CreditCard Sorter.
For further details click here
To see the full range of what we cover go to MoneySorter
One of us works in the charity field so we are giving 15% of any profit to our nominated charity.
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Please tell us what this is at queries@mortgagesorter.co.uk
And please feel free to tell us any other queries, problems or suggestions.
Thank you
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