What is an Agreement in Principle and do I need one?
An Agreement in Principle (AIP), also known as a 'Decision in Principle' or 'Mortgage Promise', is something you would usually need to complete when applying for a new mortgage, but when you apply for a remortgage with us you do not need to do an AIP. If you want personal reassurance with what we can lend to you, then you can apply for an AIP and it will have no effect on your credit rating.
If you do decide to complete an AIP, all we need is a few personal details about you and anyone else who will be named on the mortgage. Then we’ll contact a credit reference agency for a credit search and give you a credit score. If you reach our pass mark, we’ll confirm that we could offer you a mortgage (subject to you completing a full mortgage application).
A mortgage offer is issued by a lender once your mortgage application has been received and the necessary checks, such as the property valuation and confirmation of your details, have been carried out. It sets out the terms under which the lender is prepared to offer you a loan.
If you don’t want to do an AIP, you can see our mortgage rates and build the right deal for you online by telling us a little bit about you, your mortgage and what’s important to you. Once you’re done, you can get some advice from us by calling us on 0345 850 3705, booking an appointment in branch, or continuing your application online by yourself.
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