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Agreement in Principle
AiP stands for Agreement in Principle. Some lenders call it a Mortgage in Principle (MiP) or a Decision in Principle (DiP) but they’re identical.
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What’s an Agreement in Principle?
An Agreement in Principle (AIP) is the first step to getting a mortgage which lets you know how much you could borrow. It will also give you an idea of the properties you can afford. Estate agents often ask to see an AIP. It shows that you’re serious about buying. Once you’ve got your AIP, you can make a full mortgage application when you’re ready.
How long does an Agreement in Principle last?
Assuming there’s no change to the details you’ve given us about your income, regular spending and any debts you might have, your AiP will last for 90 days. It’s a good idea to complete another AiP if any of those details or your circumstances change, as it could affect your AiP outcome.
What does an AiP mean?
AiP stands for ‘agreement in principle’ for a mortgage. Some lenders call it a mortgage in principle. It’s an indication that we could lend a specified amount, based on details you’ve provided about your income, spending and debts. If you decide to apply for a mortgage, we’ll ask you more detailed questions about your finances to see how much you can borrow.
Does an AiP guarantee I’ll get a mortgage?
An AiP doesn’t guarantee you can get a mortgage, but it will give you an idea of whether a provider would be willing to lend the amount you need. If you apply for a mortgage, we’ll need to check your income, credit history and financial circumstances, and consider whether you can afford the mortgage payments both now and in the future.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE, OR ANY OTHER DEBTS SECURED ON IT.
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