An agreement in principle, or AIP, is a document issued by a lender indicating their willingness to lend to you based on the evidence of your income and affordability for a mortgage in Blackpool.
An AIP plays a vital role in the mortgage process. It enables you to make an offer on a property and can assist you in negotiating prices with the seller. For instance, if two potential buyers approach a seller, one with an AIP and the other without, the seller is likely to prefer the buyer with the AIP. This is because they have already been approved in principle and can move more quickly through the mortgage process.
AIPs have a validity period of 30-90 days and can be renewed once they expire. To obtain an agreement in principle, you may seek the guidance of a mortgage advisor in Blackpool. Our team of mortgage advisors are readily available to assist you.