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Whatever your question, our team of mortgage experts are available to answer all of your mortgage queries.

“I’m a first-time buyer and have recently started looking at properties. At what stage should I apply for a Decision in Principle as most estate agents are asking for one?”

There is no compulsory requirement to have a Decision in Principle before making an offer on a property. It can in theory however, make you a more attractive prospect to a seller than someone without one.

Caution must be exercised as some lenders will leave a hard footprint on your credit file. Several searches over a short space of time can be harmful to your chances of getting a mortgage. Some lenders will perform a soft imprint which doesn’t have an impact on your credit rating so it is important to take advice.

Another factor to consider is mortgage rates change frequently. If a Decision in Principle is done sooner than needed, there is a possibility at the time of application, another lender will have more competitive rates and another credit check will need to be done. As before, multiple credit searches are to be avoided.

The best course of action is to speak to a mortgage adviser before offering on a property. They will identify whether it is realistic to borrow the amount required, and also ask you a number of questions regarding your credit file. They can also talk to your estate agent on your behalf to confirm you should be in a position to proceed.

Samantha Jackson - Managing Director

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