Bidding process and delayed mortgage approval

snowflake1989

Hi all

Just need some quick advice please, currently going throught the mortgage process and our broker is very positive that we will be approved for an agreed amount. So we were looking online and found a house we have just fallen in love with. However we still have yet to be fully approved and we have placed a bid on it after 2 viewings below the asking price
My question is, was this a silly thing to do? Place a bid on a house when we have not got full approval yet?, im just hopong we can buy ourselves enough time to be fully approved before this house goes.
Whats your experience with bidding before being fully approved?

dudara

We didn’t bid until we had formal approval. Didn’t want to take any risks.

Having said that, there’s no guarantee you’ll get the house yet, or there may be a bidding war. You can always withdraw your bid too. It’s a risk that you’ll have to calculate for yourself.

Cuddlesworth

If your within the central bank rules, the value of the mortage is less then 3.5 times combined base wages, your deposit is >10%, with loads of spare cash, good savings history, no debts or money problems like unpaid debt from financial institutions. Its pretty much a given you will get approval.

Cash_Q

No rules to say that you must have aip before bidding. Most agents will seek proof of funds before accepting yours as a closing bid but it could be back and forth with other bidders for a few days or weeks, and your approval could come through in the mean time.

snowflake1989

Thanks everyone for your replies