Here at Prestige Mortgage Solutions we don’t just help our clients get a mortgage for a property, we are on hand to help right through the purchase process as much as is required. That includes putting together plans and strategies for submitting offers on the properties themselves.
One question we are asked regularly is around placing a Note of Interest and if it is beneficial to note an interest in a property.
What is a Note of Interest?
A Note of Interest is a simple process to let the seller know you have an interest in the property and potentially considering placing an offer. Usually this is done after viewing a property and is typically done through your solicitor.
Should you submit a Note of Interest?
Due to how the market is currently where most properties are sold at a closing date, in the majority of these situations it may not be worthwhile placing a note of interest.
In most cases, a sellers estate agent will look for two or three offers/Notes of Interest to look to set a closing date so by doing so is usually of benefit to the sellers side and not so much for the buyer.
As a generalisation there is not too much that can be gained submitting a Note of Interest, especially if the property has only recently gone onto the market. If you have been to view a property you would typically be made aware of any closing dates being set in any case, which is for many is the primary reason to place a Note of Interest.
If you are unsure about whether you should place a Note of Interest or to make an offer on a property we are here to help. It is always recommended to speak with your mortgage adviser before placing offers to ensure the property is acceptable for mortgage purposes and that the figures all add up.
*** This article should not be taken as mortgage advice. For mortgage advice please speak with one of our mortgage advisers ***