Where our Customers are the Pinnacle of our Business

How much can I afford to borrow?

If you require a loan, it is advisable that you meet with a mortgage or financial advisor prior to viewing properties.

It is best knowing from the outset how much you can afford to borrow and what options are available to you, rather than being disappointed further down the line when you find your dream home, submit an offer,  then find out you cannot afford to buy it.

Arrange a mortgage in principle

Few lenders offer actual mortgages if you have no property in place, however they can offer a ‘mortgage in principle' (MIP).  This provisionally lets you know how much you can borrow subject to finding a suitable property in a specified time.

Proof of your deposit and “MIP” can prove to be advantageous when submitting an offer.  This process usually means a credit check.

Do bear in mind that “MIPs” give absolutely no guarantees and are subject to valuation.  

Cash Buyer

If you are a “Cash Buyer” (not requiring a loan), then you are in an excellent position.  Cash buyers are usually able to complete the purchase much quicker since there is no lender involved.

If you find yourself one of several potential buyers interested in the same property, then the seller is more likely to look more favourably on a “cash buyer” who is “ready to go” with no chain.

 

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