25 May Mortgage in Principle – you know it makes sense
If you have made up your mind about getting a mortgage and have your perfect home in the cross-hairs, it is time to consider setting up a video mortgage appointment with one of our fee free advisers to scope out the best available rates on the market and get your Mortgage in Principle.
OK, so what exactly is a Mortgage in Principle?
A Mortgage in Principle is a confirmation by a mortgage lender that they are prepared to provide you with the mortgage that you require, based on the information provided. Your mortgage decision in principle provides you with an understanding about how much you can borrow and is a springboard towards securing the property you have in your sights.
A decision in principle is not legally binding, none of them are…. The fact is that the amount you can borrow may change following a detailed assessment of your income, spending, credit rating and other factors. However, if a soft credit search is conducted, this should not affect your credit rating. Be cautions though because some mortgage lenders perform a hard credit check on your credit file and leave a foot-print behind for everyone to see. At MDFS Mortgages we can let you know in advance whether a soft or hard search will be conducted by the mortgage lender.
What needs to be considered when applying for a Mortgage in Principle?
The main things mortgage companies consider are:
- Credit debts, missed payments and arrears
- Discrepancies in your credit file
- Address history – whether you are registered on the electoral register at your present address
- The banks own specific criteria
So why would you want a Mortgage in Principle?
A Mortgage in Principle can sometimes make it easier to view properties. It will give you a clear idea of how much your can borrow and we can also work out how much you might have to pay monthly. Most importantly though you can flash it around with estate agents to prove just what a great buyer you are. Mortgage in Principle certificates can last for up to 90 days, depending on the lender. So why not consider getting one sooner rather than later.
What happens after you get a Mortgage Decision in Principle?
As soon as you have found a property that is within your budget, based on your Decision in Principle and deposit, it is time to put in a cheeky offer…. Well why not, you don’t ask you don’t get right…
It is easy, trust us on this. Just book an online appointment and a member of our team if they are awake…. will help you all the way to getting a new mortgage. Guess what, we don’t charge any fees either… I know it is madness right !
You can find out more about mortgages by visiting the Money Advice Service or calling us on 020 3174 0099