When you have made an offer on a property, or, before you can make an offer on a property the estate agent may ask for an Agreement in Principle (AIP). This is some assurance for the agent that you are able to afford the property and are likely to be able to get a mortgage.
Ask About Mortgages have launched a ‘Same Day Agreement in Principle’ service so that buyers can quickly satisfy this requirement and move forward with negotiations.
Ask About Mortgages would advise discussing affordability and running an agreement before viewings begin but in instances where this is not the case the ‘ Same Day’ service will promptly give both buyers and estate agents assurances that the property is affordable for them.
Getting an Agreement in Principle promptly, also means you could secure the property ahead of other buyers as agents are unlikely to take a property off of the market if you haven’t evidenced that is affordable for you. However once your offer is accepted and you have evidenced that is affordable by showing them your Agreement in Principle they may put a stop on other buyers viewing the property.
What is an Agreement in Principle?
A Mortgage in Principle (MIP) also known as an Agreement in Principle (AIP) or a Decision in Principle (DIP) is a written estimate from the lender, giving you an indication of what they would be willing to lend you buy way of a mortgage. It is important to remember that an AIP is a formal approach to the lender asking them to check your credit file and assess affordability. More
Please call 01794 328 365 for details of the service and to schedule an appointment. Alternatively email answers@askaboutmortgages.co.uk.
Ask About Mortgages are a whole of market mortgage brokerage with offices in Romsey and Chandlers Ford. No fees are payable to Ask About Mortgages for advice or mortgage applications. Meetings are available in person or via zoom. Ask About Mortgages have clients across the UK and are able to work with any estate agents. Clients include first time buyers, home movers, those re-mortgaging and buy to let landlords.