Why developers are asking for mortgage in principle just to book a viewing in London?
Developers often request a mortgage in principle before viewings to ensure potential buyers are serious and financially capable of proceeding with a purchase. This practice has become more common due to:
Increased Interest Rates: Higher rates mean some buyers can't afford properties they previously could, leading developers to prioritize qualified buyers.
Filtering Out Time Wasters: A mortgage in principle demonstrates a buyer's commitment and financial readiness, reducing the likelihood of wasted time on viewings with non-serious buyers.
Efficiency in Sales Process: It streamlines the sales process by focusing on buyers who are more likely to complete a transaction.
Getting pre-qualified is important because it:
Confirms Your Budget: It gives a clear idea of what you can afford, aligning your property search with your financial capacity.
Strengthens Your Buying Position: It shows sellers that you are a serious buyer, potentially giving you an edge in competitive markets.
Speeds Up the Purchase Process: Being prequalified can expedite the buying process once you find a suitable property.
In a market like London's, where demand often outstrips supply, having a mortgage in principle can significantly enhance your prospects as a buyer.