Agreement in Principle
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An Agreement in Principle is a simple way to find out if you can borrow the amount you need to buy or remortgage a house or flat, without a full credit check.
You’re not committing to anything and you’re not tied to a particular type of deal if you decide to apply for a mortgage with us. Just remember that an AiP isn’t a guarantee we’ll lend to you.
How long does an Agreement in Principle last?
Assuming there’s no change to the details you’ve given us about your income, regular spending and any debts you might have, your AiP will last for 90 days. It’s a good idea to complete another AiP if any of those details or your circumstances change, as it could affect your AiP outcome.
AiP stands for ‘agreement in principle’ for a mortgage. Some lenders call it a mortgage in principle. It’s an indication that lenders could lend a specified amount, based on details you’ve provided about your income, spending and debts. If you decide to apply for a mortgage, we’ll ask you more detailed questions about your finances to see how much you can borrow. Then, with your consent, we’ll check your full credit history with credit reference agencies.
Does getting a mortgage in principle affect your credit score?
In certain instances, getting a mortgage in principle can affect your credit score. This is because some lenders conduct a hard check when processing an Agreement in Principle (AIP). However, at MAIN, we do not perform a full credit check on you for an Agreement in Principle. Instead we ask credit reference agencies to confirm whether certain details you enter on the AiP form match what they hold on your credit file. We don’t check your full history with credit reference agencies until you apply for a mortgage.
Does an AiP guarantee I’ll get a mortgage?
An AiP doesn’t guarantee you can get a mortgage, but it will give you an idea of whether lenders would be willing to lend the amount you need. If you apply for a mortgage, we’ll need to check your income, credit history and financial circumstances, and consider whether you can afford the mortgage payments both now and in the future.
This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender. You should make an appointment to receive mortgage advice which will based on your needs and circumstances.
