An agreement in principle (AIP) is a document that a lender issues to show their willingness to lend to you based on the evidence of your income and affordability for a mortgage.
An AIP is a crucial element in the mortgage process. It enables you to make an offer on a property and can help you negotiate prices with the seller. For example, if two prospective buyers approach a seller, one with an AIP and one without, the seller is more likely to prefer the buyer with the AIP. This is because they have already been pre-approved and can proceed more quickly through the mortgage process.
AIPs are typically valid for 30-90 days and can be renewed once they expire. To obtain an AIP, you can speak with a mortgage broker in Wirral, like us. We can usually arrange an AIP within 24 hours of your mortgage appointment.