Guide Options
The YouMove First Time Buyer Guide
Get a mortgage in principle
Once you have decided on which mortgage you want and how much you can afford you should get a mortgage in principle.
A mortgage in principle is an agreement from your lender that they will offer you a mortgage subject to certain conditions, including a successful credit check and property valuation.
Having a mortgage in principle means that:
- sellers will take you more seriously, putting you in a stronger bargaining position
- you're less likely to lose out in a race for a property
As a first time buyer securing a mortgage in principle — together with the fact that you have no chain — can put you in a very strong bargaining position.
Sellers will sometimes accept a lower offer from one buyer because they know that that buyer is in a position to complete quickly.
