![]() ![]() Avoiding Unnecessary Mortgage Broker Introductions They can be certain that the amount stated in the AIP is the approximate loan amount they can secure, allowing them to focus on properties that align with their financial capabilities. Having a mortgage agreement in principle gives buyers confidence in their budget. ![]() It helps them identify properties that are within their budget, avoiding disappointment and frustration later in the process. Getting an AIP before viewing properties can save potential buyers a significant amount of time and effort. While there is no legal requirement to obtain a mortgage agreement in principle before viewing properties, it is highly recommended. It gives an indication of how much the lender may be willing to lend to the borrower. Also known as an agreement or decision in principle, it is a preliminary assessment from a mortgage lender based on limited financial information provided by the applicant. It saves time, provides confidence in budget, avoids unnecessary broker introductions, assesses mortgage feasibility, and offers peace of mind and many estate agents require them, increasing the chances of faster offer acceptance.īefore going any further, it's crucial to clarify what a mortgage promise actually is. No, although obtaining a mortgage promise before viewing properties is recommended. Consulting with a mortgage adviser directly can be beneficial for complex financial situations.ĭo You Need an Agreement in Principle Before Viewing Properties?
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