![]() ![]() An AIP is easily obtainable online, free of charge, from many mortgage lenders directly. In addition, if you do not have an AIP, estate agents will try to “introduce” you to their mortgage broker partners, whom they will earn a commission. However, getting an Agreement in Principle will save you time after your offer is accepted and will give you confidence that you can get a mortgage for the amount that you want. Many estate agents will still show you properties even if do not have an AIP. There is no legal requirement to get an Agreement in Principle before viewing properties. Estate agents hate timewasters who are not serious or First Time Buyers who stand no chance of getting a mortgage. Why would estate agents ask you for an AIP? This is because an Agreement in Principle, as a First Time Buyer, means that you are (1) serious enough about buying a property that you took the effort to secure an AIP, and (2) you stand a good chance of getting full approval for a mortgage. ![]() Many estate agents will ask if you have an Agreement in Principle before viewing properties. However, while an AIP is not a guarantee for getting a mortgage, it is a very useful document to have. As a First Time Buyer, an Agreement in Principle is an indication that your current financial situation is adequate enough for a mortgage lender to consider giving you a mortgage.Īn Agreement in Principle is not a guarantee for a mortgage it is an indicative preliminary assessment by a mortgage lender, based on the limited information about your finances that you provide in an AIP application. But do you need to get an Agreement in Principle before viewing properties?Īn Agreement in Principle (AIP) is also commonly referred to as a Mortgage in Principle or a Decision in Principle. ![]() In the meantime, please see our Google reviews to see our latest feedback from our customers.All First Time Buyers need to get an Agreement in Principle at some point in the process when buying their first home. We are sure you will have many unanswered questions so please get in touch today and let us guide you through the process. Let us make it easy by helping you from the very beginning right through to the day you receive the keys to your new home. Whether it’s a new mortgage or a re-mortgage, we will find the best deal for you, potentially saving you money. Here at MAPIO we have expert mortgage advisors who are focused on making sure we deliver you the very best experience. All brokers have to be fully qualified and are highly regulated by the FCA, so you can rest assured that they have to give you the best advice that’s right for you. That’s where a mortgage broker can do all the legwork for you and search the market for the very best deal for you. However, they can only offer you their options, and there are thousands more out there, many of which are likely to save you money. There are so many options available and criteria that has to be fulfilled, it’s tempting to take the easy route and just go to your existing bank. The mortgage process can be complex and to effectively navigate your way through the volume of detailed information required, you need an expert by your side. Most mortgage offers are valid for 6 months and are specific to your chosen property. You will receive a mortgage offer from your chosen lender as confirmation that your mortgage and the property has been approved. As well as checking you out financially the lender will also make their own investigations into your chosen property, particularly its value, as that is what the funds are being secured against. This is the point at which you have chosen your property and want to submit a mortgage application to a lender to secure the funds to be able to go ahead with the purchase. The full mortgage offer is subject to formal confirmation of information you have supplied as well as the valuation and legalities of the property. Do however bear in mind that an AIP is not a full guarantee that you will be offered a mortgage at this level. An AIP is typically valid for between 30-90 days and is a requirement by the estate agent during the offer process, to prove your financial position in order to have your offer accepted. Whilst it is specific to you at this stage, it is not connected to a specific property, leaving you open to select your perfect home. Fundamentally an AIP confirms how much you are able to borrow based on your own individual financial circumstances. An AIP is the document you need to prove you are eligible for a mortgage and that you are serious about buying a property. An AIP can also be known as a Decision in Principle (DIP) or a Mortgage in Principle (MIP), in essence they are all the same thing. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |