Getting
a mortgage and buying a house are usually very much intertwined.
When
you find a house, you'll probably have to move fast to secure it.
To prevent being delayed while sorting out a mortgage you could first get
a "mortgage in principle".
Having
one means you should be able get the actual mortgage quicker when the race to
buy your chosen home begins.
A
mortgage in principle 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.
Knowing
what you can afford will also help you narrow your search.
It's
very useful to have one before you even start looking for a house to
give you the edge over any competition.
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. That is: Consider what
type of mortgage do you want and then find a mortgage lender
you feel can offer you the best deal.
You
could go through the phone book and call each mortgage lender.
But the easiest way to do get an offer is to ask a mortgage
broker to do it for you. They would also be able to advise you
on what type of mortgage could be best for you. (If you want
to contact
an independent mortgage broker now via us click here).
You
should be able to get mortgages in principle offered over the phone.
It's only when applying for the actual mortgage that you will need
to show proof of your income etc.
Read
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