No house in mind..applying for a mortgage

M

mprsv1000

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I am thinking of finally taking the plunge and have got a mortgage application form from EBS, on the form its asking what the value of the house I am applying for the margtage is, and the name of my solicisitor.

As I have no house in mind yet, as I just looking for martgage approval first, can I leave these 2 blank?
 
Why dont you just see first what the maximum you can borrow is first before filling in any forms. Try the EBSs mortgage affordabilty calculator you'll get approval in principle online too., no point filling out loads of forms for a non existant property yet!
 
When to the EBS site said I could Borrow 274,000 based on income of 63,000 seems very low.... how do you agreement in principple on line with thes went through all their forms on the site but never saw anything to say agreement in principle?
 
You will only get very rough indicative figures online. To get anything more accurate you will need to apply for approval in principle by contacting the lender. I don't know if any lenders have automated processes for issuing approval in principle.
 
To answer your initial question - if you know the amount you qualify for just put down an address of a similar property for sale in your preferred location and the approx price range.

You can change the property address at a later date. You will have to tell them a reason e.g your bid was unsuccessful on the first property. As the above posters pointed out, it is more important at the moment to just get approval.

Its ok to leave your solicitor details blank but you could also put down a specific solicitors details if you like. It won't be a problem to later change your solicitor details.
 
Banks will usually quote you a rate even if you have no property in mind. In fact its a good idea to go through the approval process before looking as you then know what your limit is when buying.
 
I would go through a broker, if you give them all your details they will then come back and tell you which bank is offering you what and at what rate, term etc. Instead of only applying for your mortgage through the ebs, another bank might be better for first time buyers. Best of luck!
 
I went through a broker, initially just looking to see how much we could get so we wouldn't have given details of a house or amount we were looking for and there was no problem. I found the broker a great way of doing it as he approached 5 different mortgage companies on our behalf.
 
You obviously don't have to use a broker to shop around for approval in principle from as many lenders as you want.
 
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