Loan Approval

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Beebie

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Hi. Im looking to buy on the open market, have refused AH on basis that prices in open market are now more affordable. Also didnt like the claw back option. Question relates to getting loan approval. A broker has been in touch, says i need this in advance of buying a property, but its only valid for 3 months, so will have to keep it up to date. Do i really need this to look at property, can i look at property, if i like what i see, then seek loan approval. I intend to look at prop within my means anyhow. I just dont see the point in filling out endless paperwork on what might be....i dont think getting loan approval in principle takes that long so i could just proceed on this basis.....any opinions on what to do here....thanks in advance
 
You could start looking but make sure you have your paperwork in place ready to fill out your application in case you see somewhere you do like - approval takes about 2 weeks so no harm to have it all in order while you are looking and if you go with a broker you only have to do it once instead of for every bank. Best of luck with the house hunting :)
 
Hi beebie, read all the threads here on trying to get a mortgage and difficulties people are having etc. To be honest if I was you I would be getting the approval in principle in place before going to look at houses, so you know what price range the bank will give mortgage for. I agree a broker is a good idea, you fill it all in once and they send to the various banks. I don't know why you say you don't see the point in filling in paperwork yet, sure you have to do it at some stage so why not now? This year it took nearly 3 months to get the approval in principle letter for my partner and I's mortgage and that was for an amount only 2.5 times our joint income. Then the actual loan letter took a long time also. You can't underestimate how much the banks are dragging things out with various requests etc.
 
Thanks for the advice folks, I will go down the broker route and get the paperwork in order.
 
Watch out for unseen delays in obtaining life cover (undiagnosed blood pressure / diabetes problems etc.), as you will not be allowed to drawn down a mortgage until this is in place.
It happened with my partner in being shoddy about going for a Life Company medical & the subsequent knock on effects caused me tremendous stress / in breech of contract etc
 
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