Graeme Nichols, from West End Mortgages, continues this month with the theme of being prepared, with a focus on how to get a Decision in Principle.
This month we continue our theme of being prepared. Having previously covered the overall mortgage process, options, borrowing levels and also your likely mortgage payments, the next big step, and arguably one of the most important, when looking to buy a new home is putting in place a Decision in Principle . This is also often referred to as an Agreement in Principle.
The length of time that your decision in principle is valid for varies from lender to lender and can range from 30 days to 90 days. If this time lapses it is always to have this refreshed to ensure that it is valid. Tip: At this stage, my advice would be to choose a lender who will carry out a soft search of your credit file to reach their decision, as a soft search won’t leave a credit search against your credit file.
Once you have an offer accepted the next step is the full application where the chosen lender will assess your application, the supporting documents and also the suitability of the property. This stage of the process currently takes 1-2 weeks for full approval.
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