How to get an Mortgage Agreement in Principle (AIP)
Buying a home is an exciting milestone, while the mortgage world might seem intricate, clear and expert guidance can make it a smooth journey. The first step for someone hoping to get on the property ladder is securing an Agreement in Principle (AIP). It’s essentially your pre-qualification – a green light from a lender showing your borrowing potential.
Let’s break down the process into five steps:
Gather Your Documents:
- Proof of Identity: Driver’s license or passport
- Proof of Address: Utility bill or council tax bill
- Income Proof: P60s or latest payslips
- Bank Statements: For the past 3 months
Explore Your Options:
- Consider seeking advice from an independent mortgage adviser. They can compare deals from a wider range of lenders, potentially securing a more favourable mortgage for your needs.
- Make sure to do your research and find an adviser that suits you and your needs.
Let the Experts Guide You:
- Let your chosen adviser handle the paperwork, negotiations, and finding the best deals.
- Remember, a good adviser will keep you informed and answer all your questions clearly.
Await Your AIP:
- Soon, you’ll receive your AIP, giving you an accurate estimate of how much you can borrow.
- With this pre-approval in hand, you can confidently start house hunting as a serious buyer.
Prepare for the Next Steps:
- The first step of getting on the property ladder has now begun
- Your adviser will continue to guide you through finalising your mortgage, legal formalities, and making your dream home a reality.
Toby Jeffcock – 23rd January 2024