An Agreement in Principle (AIP) is a crucial document that signifies a lender’s willingness to provide you with a mortgage based on your income and affordability evidence.
Obtaining an AIP is highly significant in the mortgage application process. It allows you to make an offer on a property and may help you negotiate the purchase price with the seller. For example, if 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. This is because the buyer with the AIP has already received pre-approval and can proceed more swiftly through the mortgage process.
Usually, AIPs are valid for 30-90 days and can be renewed upon expiry. To acquire an AIP, you can seek assistance from a mortgage broker in Widnes, such as ourselves. We can typically arrange an AIP within 24 hours of your mortgage appointment, ensuring a seamless and stress-free mortgage journey.