5 reasons you should secure a mortgage in principle before making an offer on a property…

There are a number of reasons why you should secure a mortgage in principle before viewing properties and making offers on properties to make the process as smooth as possible: 

 

1. Firstly, a mortgage in principle will give you peace of mind knowing that you have been pre-approved for a mortgage before you enter into negotiations on properties. 

 

2. A mortgage in principle will help you to discover how much you can afford to borrow based on your income and deposit, which will help you to narrow your search down to properties within your budget. 

 

3. Some estate agents won’t even let you view a property without a mortgage in principle in place to avoid time wasters as they are so busy this year due to such high demand for properties. 

 

4. Estate agents won’t accept an offer until you can provide your buying position. If you are buying with a mortgage, they will ask you for proof ID and proof of your deposit and proof of your mortgage (your deposit + mortgage in principle should = the purchase price). So, by having your mortgage in principle in place you can make an offer as soon as you find the property you love so that you don’t risk losing out on the property. 

 

5. By arranging a mortgage in principle with an independent mortgage adviser before you start looking at properties you can build a relationship and rapport with your adviser so that they can offer you guidance and support from the very outset. A good adviser should be able to offer advise on all aspects of the search and brief you on what to expect to help you find the best property for you and to help find the perfect mortgage for you, making the whole process even smoother. 

 

Always opt for an independent mortgage adviser so that they can search the whole market for you and find you the best deal possible to suit your needs and wants.