When Should I Get an Agreement in Principle in Sutton Coldfield?
An agreement in principle (AIP), also referred to as a decision in principle, is a document provided by a lender indicating their willingness to offer you a mortgage loan. This requires you to provide proof of your income and affordability for a mortgage in Sutton Coldfield.
Having an AIP is a critical step in the mortgage process. AIPs are used to make offers on properties and can help you in negotiating with sellers and negotiating for prices.
For instance, if two buyers approach a seller and one has an AIP while the other does not, the seller will almost always choose the buyer with the AIP, as they have already been approved in principle and can progress faster through the mortgage application process.
AIPs are typically valid for 30-90 days and can be renewed upon expiration. To obtain an agreement in principle, you may speak with a mortgage advisor in Sutton Coldfield.
Follow us for updates
Malcolm's
mortgage guides
