Why do I need an Agreement in Principle?
Few lenders offer actual
mortgages if you've no property in place - they offer a “Mortgage in Principle”
(MIP) or an “Agreement in Principle” (AIP). This provisionally lets you know
how much you can borrow, subject to finding a suitable property in a specified
time.
An Agreement or Mortgage in
Principle is an important step in applying for a mortgage. It gives an
indication of whether a lender could lend you the amount you need to borrow.
Lenders use a soft credit check to do this, which has no impact on your credit
file. The process is relatively speedy and requires some personal information,
including details of your income and financial commitments, this information is
used in the strictest confidence.
Getting an Agreement/Mortgage in
Principle does not mean you are committing to apply to that lender for a
mortgage. However, once you have one, you'll be ready to discuss all the
options we can offer.
Let us arrange for an Agreement in Principle for You. We do not charge
for this service.
For more information about specific types of mortgages click
on the appropriate link
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