Buying a Home – Step 2

Get Advice

Lenders recommend that you get morgage advice as early as possible in the process, whether it’s through an indepent mortgage advisor or directly with the lender.
This advice will help you understand how much you can borrow, what you need to do to qualify for the mortgage, and what other financial options you need to consider.

Most lenders will give you what’s known as an agreement in principle. This a non-binding offer that provided the information you have given is correct. They will lend a certain amount at a certain rate.
It is not the same as a full commitment, the lender won’t have to carry out all the checks they need to do, and they will also need to assess the property you want to buy, but it is a good guide of what size mortgage you can expect to get.

Remmember that just because the lender is prepared to lend to you a certain amount, it is up to you to make sure you are comfortable with the repayments.