Why is it important to get a decision in principle before looking at properties??
A 'decision in principle' is an agreement from a mortgage lender on a borrowing amount for you to obtain on a mortgage. The lender will take basic information in regards to your personal details, income, and commitments, and at this point they would have done a credit check and affordability check based on the information provided.
This will always put you in a better position, you know how much you can borrow, you know the monthly payment and whether or not its realistically affordable, you are ready to put in an offer when you find that property.
If you are currently looking to obtain a mortgage or looking at properties, I would highly recommend you obtain a decision in principle.
Firstly, come to me as your mortgage broker. I will review your whole financial position and make sure we are getting the right mortgage for you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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