To qualify for a possible mortgage, you need an Agreement in it is referred to as a Decision in Principle.
Once you have obtained your Agreement in Principle, you are prepared and ready to support any offers you make as a First Time Buyer in Nottingham. There may even be potential to negotiate a lower price if you have one of these, due to it showing the seller you are serious and have the funds to proceed.
We tend to see more lenders using soft searches than those who don’t, however some lenders searches may still affect your credit score. This can be the case if it is a hard search, but generally speaking a soft search should leave your credit score more or less unaffected.
Soft searches are not as in-depth as hard searches, meaning you can trust that the lender made the correct choice either way.
If it is not a regular occurence, then a hard search should not make too much difference. It becomes problematic if you start having multiple hard searches within a short amount of time.
It’s worth remembering though that if your credit rating is good and you know it. Do not feel put you off by any of this. Especially if taking a hard search with that lender is the best deal for you.
Though it would be nice, unfortunately we cannot guarantee that having an Agreement in Principle will get you a mortgage. The Lender will still need to see all your documents and only after that will an Underwriter make a final decision.
Often we find that customers get in touch having been declined at application stage, as they have neglected to read any small print in their Agreement in Principle. You will need to provide ID to prove that you are genuine, payslips to prove you earn the amount you claimed and bank statements to prove you conduct your finances, before a lender will offer your case.
You can make an offer without an Agreement in Principle, though we really would not recommend it. An Estate Agent with credibility will want you to prove you can go onward with the process.
It is possible to obtain an Agreement in Principle within 24 hours of speaking to one of our Mortgage Advisors in Nottingham.
Usually, an Agreement in Principle will expire after 30-90 days. This does not mean you should just apply for the first house you find though, so don’t worry. If your Agreement in Principle expires. You can quite easily have it refreshed once you are ready to make an offer.
Finding a mortgage only to be declined a mortgage can understandably be disappointing. As such, we recommend getting an Agreement in Principle as early as you can.