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Mortgage agreement in principal query

3 replies

Newhome3 · 23/09/2020 20:44

Quick query about mortgage agreements in principal. I have an agreement in principal and am looking for a house, hopefully will find what I’m looking for soon. What I wanted to know was- I obviously supplied bank statements, pay slips etc to my mortgage advisor to get the agreement in principal. Will I need to provide more of these (Or maybe more up to date ones) to the bank once I find a house?
The reason I ask is because I want to start using childcare for my children just for them to socialise etc. I don’t actually need it as my hours are flexible as our my partners . However I obviously want to keep my outgoings as low as possible to secure the mortgage. Am I ok to start this (as it will start showing up on statements) given I have my agreement in principal or should I hold off until everything is secured?

OP posts:
Illusive01 · 23/09/2020 23:24

Yes they will want more info. But you can tell them childcare in that manner is a lifestyle choice rather than necessity and that way it won’t count against you.

ulanbatorismynextstop · 23/09/2020 23:29

Yes they will want it all updated when you actually apply for the mortgage.

2ndAugust · 25/09/2020 18:41

Er on the side of caution and pay cash for it. Lenders are really going through bank statements looking for this type of thing at the moment. I have seen Mortgages get declined over this recently.

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