![]() The process of obtaining a mortgage in principle is immensely useful if you are unsure of the amount you will be able to borrow, because this will provide a guide as to the value of properties in your price range. A seller aiming for the sale to be completed in a short period of time will wish to rely on a credible buyer with a mortgage in principle.įrom the buyer’s perspective, a mortgage in principle can offer peace of mind that the purchase will not be delayed by their borrowing prospects, particularly if they have any history of credit problems. In some parts of Glasgow, properties are put on the market and sold very quickly. This can be particularly important if you are seeking to purchase a property in a competitive market. As such, it is unusual for offers to be accepted where the buyer does not have a mortgage in principle. However, the seller will generally not take the offer seriously if you do not have proof that you will be able to borrow the required funds to pay for the property. Why obtain a mortgage in principle?Ī mortgage in principle is not technically legally required for an offer on a property to be valid. If you choose to work with us, you can be assured that we will be on hand to answer any questions you may have, and will guide you through the process of buying your new home as quickly and efficiently as possible. We understand that navigating the property market can be exciting yet stressful, and that both first-time buyers and those who already have a foot on the property ladder will have various queries in respect of purchasing a property. ![]() The Glasgow Law Practice offers the services of our both highly experienced estate agent team and our specialist property lawyers. This means that a mortgage provider has confirmed in writing that they are prepared to lend you money to meet the mortgage payments. In order to bid on a property, it is advisable to have a mortgage in principle (also known as an agreement in principle, mortgage agreed in principle, decision in principle, or a mortgage promise). Do I need a mortgage in principle to make an offer?
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