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Original poster

Mortgage confusion!!

7 replies

Beckywood1989 · 04/11/2015 11:50

My husband and I are buying our first home (yay!!) I'm terribly gung-ho and am ready to dive in whereas he's more cautious. I'm dying to view properties but he thinks we should pretty much have a mortgage offer before we even start looking? Is he right? I feel like he might be but I so want to start!

OP posts:
Bearbehind · 04/11/2015 12:01

I'm not sure how many threads you need on this subject OP, but as I said on your other thread- you need to know what you can borrow before you even start looking at properties.

What you can buy entirely depends on how much deposit you have and what size mortgage you can obtain.

Looking at anything now is pointless as you won't know what you can and can't afford.

Sunnyshores · 04/11/2015 13:44

You could start looking on rightmove, just to get an idea of prices in various places. But its madness to start viewing and invest heart and emotions until you've got a mortgage offer. You may even need to go to several different companies to get the best offer, and this could take weeks, so restrain yourself and start this process now.

LaFlottes · 04/11/2015 13:49

Go and see a mortgage broker who deals with the whole market. They will see which lender is right for you and will obtain a decision in principle which is basically an indication of what you can borrow.

You can't get a full mortgage offer until you have a house in mind, but this DIP will give you about the bes indication you can get.

Many Estate Agents want to see evidence of this before they will accept an offer on a property anyway so you really should do it.

Definitely get a broker though, don't go direct to banks.

HeadDreamer · 04/11/2015 13:56

Agents will want you to have a offer in principle before you can view. At least good ones do. We just moved and I made sure our agents don't show our house to time wasters.

HeadDreamer · 04/11/2015 13:57

If you have good incomes you can get an offer in principle in 10 min filling in a form online. If you can't be bothered to even do that you aren't serious, are you?

hereandtherex · 04/11/2015 15:36

Finances first.
Look second.

hereandtherex · 04/11/2015 15:37

Yes. You should at least be having a go on the HSBC mortgage calculator. Do not lie about any other debt or money outgoings.

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