Home Buyers Guide

Chapter 6: Choosing the Right Mortgage

Step 10: Get approval in principle so you are a ‘cash buyer’

Estate agents love cash buyers. They don’t have to worry about the sale falling through after they ‘do the deal’,
because the buyer couldn’t get finance.

In some cases, an estate agent who has two offers on a property, will actually accept the lower offer if the lower bidder already has mortgage approval in place.

Getting Approval in Principle simply means getting mortgage approval in place prior to finding the specific property
which you're going to buy.

Pre Approval effectively makes you a 'cash buyer'. When you place an offer on a property the seller doesn't have to worry about whether you'll get mortgage approval, as you'll already have it in place.

There are also other reasons to Get Approval in Principle

• It removes the guess work and doubts about what you can and can't afford.

• You can easily identify homes within your price range.

• You won't find the 'perfect home' and then discover you can't get finance for it.

• You'll be able to move fast when the right property comes up.

To arrange mortgage approval, call independent mortgage advisers Mortgages Direct on 1890 44 66 44 or fill in
an online enquiry

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