When applying for a mortgage, receiving an agreement in principle (AIP) can be a crucial step. This is essentially a statement from a potential lender confirming in principle that they would be willing to lend you a certain amount of money based on the information you`ve provided to them.
First Direct, a UK-based bank, offers an AIP service that is quick and easy to use. Available to both existing and new customers, first direct`s AIP service is designed to help potential homebuyers understand exactly how much they can borrow before they start house hunting.
The process of obtaining an AIP with first direct is straightforward. You can either apply online or over the phone. You will need to provide details about your income, employment, and outgoings. After analyzing this information, first direct will provide a provisional agreement in principle based on the amount you are hoping to borrow and your financial circumstances.
First Direct`s AIP is not a formal mortgage offer; it is merely an indication of how much a potential lender is willing to lend. However, it can be useful when making an offer on a property, as it shows that you have taken steps to secure financing and can give sellers the confidence to accept your offer.
There are several advantages to using first direct`s AIP service. Firstly, it is free and does not require a credit check. Secondly, it is a quick process – you can receive your AIP within minutes of applying. Lastly, first direct`s AIP is valid for 90 days, giving you ample time to find your dream home.
In summary, first direct`s AIP service can be a useful tool for anyone looking to buy a property. By providing a provisional agreement in principle, it can help you understand how much you could borrow and give you an edge when making an offer. It is quick, easy to use, and best of all, it`s free. If you`re thinking about buying a home, we highly recommend checking out first direct`s AIP service.
