An Agreement in Principle (AIP) is a crucial document in the mortgage application process that serves as an indication of a lender’s willingness to provide you with a mortgage based on your income and affordability.
Having an AIP can be extremely advantageous when making an offer on a property as it demonstrates to the seller that you are a serious buyer who has already undergone a pre-approval process. This may even help you to negotiate the purchase price.
In a situation where two potential buyers approach a seller, one with an AIP and the other without, the seller is more likely to choose the buyer with the AIP as they have already received pre-approval and can proceed more quickly through the mortgage process.
Typically, AIPs remain valid for a period of 30-90 days and can be renewed upon expiration. If you are looking to obtain an AIP, you can turn to a mortgage broker in Aintree like us.
Our team can usually arrange an AIP within 24 hours of your mortgage appointment, allowing you to move forward with confidence in your property search.