An Agreement in Principle (AIP) is a vital document that demonstrates a lender’s readiness to grant you a mortgage based on your income and affordability evidence.
Securing an AIP is a crucial step in the mortgage application process. It enables you to make an offer on a property and may facilitate negotiations with the seller on the purchase price. For instance, if two potential buyers approach a seller, one with an AIP and the other without, the seller is more inclined to choose the buyer with the AIP. This is because the buyer with the AIP has already received pre-approval and can proceed more swiftly through the mortgage process.
Typically, AIPs remain valid for 30-90 days and can be extended upon expiration. To obtain an AIP, you can enlist the aid of a mortgage broker in Wallasey, like our firm. We can usually arrange an AIP within 24 hours of your mortgage appointment, ensuring a smooth and stress-free mortgage journey.