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What does 'Pre Arranged Mortgage' mean?

Pre Arranged Mortgage

A Pre Arranged Mortgage (PAM) is one step beyond an Agreement in Principle. With a PAM the bank has credit checked you and confirmed the amount it will lend. It may also have guaranteed you the mortgage at certain terms or at a certain rate for a specified time period (say 3 months) even if they withdraw the product or increase the rate in the meantime. They are saying that all that needs to be checked is the property (with a survey) and the loan is agreed.

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How to Really Buy a Property

"... than one financial adviser; How the same mortgage from the same bank can be cheaper in two different places; The difference between Agreements in Principle and Pre Arranged Mortgages; What could be in your history that will stop you getting a mortgage; Why the best mortgage deal may not be..."
"... by an Agent then as long as the adviser is qualified, don't shy away, welcome it! If you aren't offered, ask. - Agreements in Principle (AIPs) and Pre Arranged Mortgages (PAMs) - - Agreements in Principle (AIP) - Most buyers are now aware of the Agreement in Principles (AIPs). These are..."
"... you can be completely confident when you offer that you can afford it and the process will proceed smoothly and without stress. - Pre Arranged Mortgages (PAM) - This is offered by some financial advisers and allows you to be credit checked and ready to go without having to bully your bank..."

"... Bad Agents. For now its worth knowing the two documents that are requested the most: An Agreement in Principle or Pre Arranged Mortgage - see Sorting Out Your Mortgage - to show you can afford the property A copy of your bank statement to show you can afford the deposit An Agreement in..."
"... you to buy in blocks more than four stories high, others will only loan on properties with more than two bedrooms, and so on. A Pre Arranged Mortgage (PAM) For information on PAMs and how they can speed up your purchase see Sorting Out Your Mortgage Bank Statements If you are buying..."

"... will want to deal with you only. Show your serious intentions by attaching proof of your ability to proceed (an agreement in principle or Pre Arranged Mortgage), the solicitor you have chosen and a bank statement or otherwise proving the cash element. Things that will always act in your..."

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Author of How to Really Buy a Property

I'm Tim Hill, Author of How to Really Buy a Property. I'm a property buyer, seller, landlord, tenant and I've been an agent in hundreds of transactions. I own a property portfolio across Europe but that doesn't mean I think you should to!

This book is my collective knowledge and experience that I have gained working within the property market of England and Wales for over a decade. I've written it so that you can benefit from what I have learnt whether you are a first time buyer or a budding buy-to-let investor.

There are no gimmicks here and no get rich quick schemes - just practical no nonsense advice so you can buy the property you want at the best price with the least stress.

Download the Free Preview copy right now. I won't be asking for your email so I can bombard your inbox with 'special offers' and 'discounts' because I know most people who read the Free Preview buy the full copy. See for yourself!