The mortgage approval process and the house buying process in general can be quite daunting to the first time buyer. Not only can the process seem laborious and complicated, it can also be expensive and littered with requests for non-returnable bills!

In order to successfully buy the home of your dreams, it’s likely that you will need a mortgage. But how do you know what size mortgage you will need until you have agreed to buy a home? It can seem like a ‘Catch 22’ situation.

The best way to successfully buy that home you so want is to prepare beforehand and have secured a mortgage offer when you start your search. After all, the speedier your purchase, the less chance there is for the sale to fall through. Remember, in England and Wales your agreement to purchase is subject to contract and it can take several weeks to line up all the legal and financial formalities required before the sale proceeds to completion and you actually buy the house.

A mortgage offer ‘in principle’ is issued by your chosen lender after they have established the health of your credit history, checked all the details on your mortgage application and calculated both the maximum mortgage and Loan percentage they will accept. It is prudent to do this even before you have seen the home you want.

Once you have a mortgage offer approved in principle, you have something you can show to the estate agents considering your offer/s on property you are interested in buying. The ‘in principle mortgage offer’ offer tells the seller that you are serious, that you have the money available to buy at the price you have offered and you are likely to be able to buy quickly! Once your offer is accepted by the seller, your solicitor can be instructed to undertake a local search and contact your mortgage broker to put all the paperwork in place.

Without doubt, having a mortgage offer approved in principle will be very useful when your offering to buy the home of your dreams.

Contact us now if you would like to get the ball rolling on 01628 507477.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be £399.

Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.

The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk

Call: 01628 507477