Selling my existing house and moving on. Can i get approved before sale closes

As above, we are selling our main residence and looking to move closer to family etc.

The house is now sale agreed and we don't want to be gone until start of February (which isn't looking like being an issue). We ill be moving in with family then until we get a new place.

My question is will the bank give us approval in principle on the back of being sale agreed. Or am i going to have to wait until the sale closes and we move out and have the money in the bank?

Simple questions I know. But i bought my existing house as a new build and don't know how the selling side works.

Thanks

Yes, the bank will give you approval in principle.

But they won't give you the actual mortgage to allow you close the purchase unless you have the 20% deposit required.

So you can bid on houses but the seller might not accept your bid until you have a signed contract for the sale of your own.

Brendan

I have just been given mortgage approval in principle by several banks without a 20% deposit. I will only be able to borrow 80% of the value if whatever property I end up buying but our broker said that the amount of deposit given to the vendor is negotiable.

I was in this situation before.I was only allowed draw down if I was beyond sale agreed and had signed exchanged and enforceable contracts.

The sale fell out of bed at signing time but we got sale agreed with another purchaser very quickly,

We asked bank could we draw down at sale agreed but got a very blunt NO and there was no scope for wiggle room.

Thankfully we got our signatures and , successfully drew down and completed but until you get beyond sale agreed the ink on exchanged contracts and the non refundable deposit in the paw they wont let you proceed.