AGREEMENT IN PRINCIPLE
This can be a useful tool for a property buyer. If you have agreement in principle from a mortgage provider, it enables you to search for a property knowing exactly how much you can afford, and it reassures the seller that you are not wasting their time. It can also speed up the purchase process.
Obtaining agreement in principle involves establishing that you meet the lender’s criteria, and they are willing to pre-approve you for a mortgage loan.
To obtain an agreement we may need to carry out a credit check. However, to protect your credit rating, we will only do this once a suitable lender has been identified and advised of your personal and financial circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.