Mortgage in principle or similar

[NRS]

Looking for a family member rather than myself.

They're a first time buyer, and looking at buying soon. Due to the skewed economic downside at the moment (corona virus etc) it seems like a good time to wait and see how it develops first. They can avoid any crash in prices if things go bad, and it is hard to see a jump in house prices from here over the next months. However, if things really go badly then it's presumably going to tighten up lending criteria and make it harder to get a mortgage/max limit etc.

Is there a way to get an agreed mortgage amount that is binding, even thought it is not on an actual house, and if so how long would it be valid for? I possible this would be a way to try and secure getting a mortgage but means they could wait to see how prices go as corona develops. I'm in Norway, where you get an amount you can borrow, and then you're allowed to go and bid on whatever in a certain time period from the approval. But not sure if it is binding, or if there is anything similar in the UK.

[Sarnie]

NRS said:

Is there a way to get an agreed mortgage amount that is binding

No.

Not even a formal offer is binding, the lender can withdraw it at any time.........

[NRS]

Sarnie said:

NRS said:

Is there a way to get an agreed mortgage amount that is binding

No.

Not even a formal offer is binding, the lender can withdraw it at any time.........

Thanks Sarnie. Nice easy answer, and thought it not so likely that something would exist, as it would skew risk towards the consumer but best to check since we have something more like this (but lender may be able to withdraw it, never needed to check).

[p1doc]

Sarnie said:

No.

Not even a formal offer is binding, the lender can withdraw it at any time.........

oh well if sarnie says no that is it as he know more about mortgages than anyone else on pistonheads