"It's more to do with what I need in place to show estate agent when making my 1st offer"
Speak to your bank or building society and get an "agreement in principle" which is basically them saying they will lend you upto £X thousand. Most estate agents have mortgage advisors but many will charge and all are on commission. |
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The poster below is right
Proof of deposit
Mortgage agreement in principle
ID and proof of address for money laundering
The agent will try to get you to their mortgage adviser, maybe worth seeing as the deals keep changing. Rates are going to go up - get a 5 year fixed rate if not planning in moving |
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By *odareyouMan
over a year ago
not far from iceland,,,,,, tescos is nearer though :-) (near leeds) |
I d Start by visiting the fsa's website its got a comparison chart showing all of the different mortgages available, you can use an independent financial advisor they ll charge you,
once you ve decided which company to use you ll need to see their mortgage advisor or the independent financial advisor can fill out the forms, assuming theyll lend you the money ( based on your risk earnings etc) you ll receive a mortgage offer this will be valid for a period of time often 6 months this shows the estate agents you can afford the house,
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By (user no longer on site) OP
over a year ago
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Yes done that and that's where I'm up to. But do I really have to show the agent how much I can lend as surely that will play into there hands to advise the house owner u can get more out of them? |
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See your point and agents play both ends but it would secure your offer if there's someone else interested. Don't know where you live but in the south the markets busy and getting busier
At the end f the day it's for you to make the offer you think it's worth
In a few years when the price has gone up that £1000 or so ain't gonna make any difference |
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By *abioMan
over a year ago
Newcastle and Gateshead |
if you dont want to see an financial advisor... this is where people like the CAB come in really handy.....
they normally have money experts in and you can talk to them....
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By *odareyouMan
over a year ago
not far from iceland,,,,,, tescos is nearer though :-) (near leeds) |
"Yes done that and that's where I'm up to. But do I really have to show the agent how much I can lend as surely that will play into there hands to advise the house owner u can get more out of them?"
The mortgage offer will be a maximum the company will loan you, and to a point the estate agents will try and maximise the price they re paid on commission, whatever the asking price is Don t be afraid to offer a good % below ( I always say 20% is a good starting point,) the marketing price it gives you scope to increase your offer if its refused and reflects the true value more realistically,
various websites contain the sales prices of houses sold on the street gives you a good idicator, , my only other word of caution your mortgage offer if it expires a) you moght not get that deal again and b)each time you apply it affects your credit score  |
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By (user no longer on site) OP
over a year ago
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"Yes done that and that's where I'm up to. But do I really have to show the agent how much I can lend as surely that will play into there hands to advise the house owner u can get more out of them?
The mortgage offer will be a maximum the company will loan you, and to a point the estate agents will try and maximise the price they re paid on commission, whatever the asking price is Don t be afraid to offer a good % below ( I always say 20% is a good starting point,) the marketing price it gives you scope to increase your offer if its refused and reflects the true value more realistically,
various websites contain the sales prices of houses sold on the street gives you a good idicator, , my only other word of caution your mortgage offer if it expires a) you moght not get that deal again and b)each time you apply it affects your credit score "
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By (user no longer on site)
over a year ago
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I used to be ab estate agent. You can offer without any documentation. Once you know offer is accepted, then be expected to prove payment method it mortgage offer fairly soon after. I have also bought numerous investment properties and thats how I always play it.... be savvy, its still a buyers market. Good luck. |
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