Mortgage Agreement in Principle

Mortgage Agreement in Principle (AIP) ?

If your looking to buy a home then, chances are, you’ll most likely already know that although an mortgage Agreement in Principle (AIP) isn’t required, some estate agents seem to insist that you have one.

An AIP is formal confirmation of the amount you might be able to borrow from a mortgage provider. It not only gives you an indication of what you could borrow, it can be really helpful in your property hunt.

How’s it work…

A Mortgage Agreement in Principle (AIP), can also be  known as Approval in Principle, Decision in Principle, Mortgage in Principle, or even a Mortgage Promise. It is a written estimate from a mortgage provider confirming what you might be able to borrow.

At MDFS we can usually get you a decision in principle within just a few hours, quicker in most cases. Most AIPs are valid for up to 90 days.

Why get an Agreement in Principle?

The video above from Halifax is really helpful  and says it all.

At MDFS we’ll happily advise which mortgage provider might be best for you to get your AIP from. Remember, we’re not tied to any one mortgage provider. We can get you a mortgage agreement in principle from any provider specifically suited to your requirements

Just give us a cal lon 020 3174 0102 or visit our website

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