Getting an agreement in principle usually doesn’t take that long and our advisers will always look to get back to you within 24 hours with an update on your AIP. Take a look to see what you need for a mortgage appointment and what to expect so you’re prepared.
So, you want to get an AIP and you’re wondering what’s next? The first step is to speak to one of our advisers where we will get to know you and your situation. However, some lenders and advisers will use a ‘soft credit check’ so it’s important to find out which one is happening. This means that if you apply for several AIPs within a short period of time this could negatively affect your credit rating. If a ‘hard check’ is run then it will leave what we call a ‘footprint’ on your credit record. A credit check will have to be run in order to complete the AIP. Something to be aware of is that getting an AIP could impact your credit sore. If you have had a change in circumstances, for example you now have a smaller deposit or you have changed jobs this could affect your full application. Our Mortgage Advisers will use the information that you already provided to supply the AIP for the full application, as long as the details are still correct.Īn AIP doesn’t guarantee that you would be accepted to borrow that amount. Once you’ve found the property you want to buy and have had an offer accepted you will still need to make a full application for the mortgage. Some estate agents or sellers will like to know that you have an agreement in principle before you view or put an offer in on a property as it gives them the peace of mind that you are able to afford it and this won’t affect the sale. Simply put, an Agreement in Principle, sometimes written just as AIP and also referred to as a ‘or ‘decision in principle’ or ‘mortgage in principle’, is a written estimate from the lender outlining how much you can borrow.Ī lender or Mortgage Adviser will go through you situation and take some details from you to see what you can afford, they will then supply you with an AIP which outlines how much you will be able to borrow meaning that you can start looking for your next home.
#AGREEMENT IN PRINCIPLE CONTRACT LAW HOW TO#
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