Insights

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:

  1. 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

  1. 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.

  1. 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.

  1. 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.

  1. 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.

If this has got you thinking, we’d be delighted to help.  Get in touch and we’ll be help you understand what’s possible, or sign up to our monthly newsletter, to keep your finger on the pulse.

 

Toby Jeffcock – 23rd January 2024

 

Loading...