You may be wondering why, in principle, you could first commit to a mortgage instead of just asking for a real mortgage. The simple answer is that it`s faster and less effort to get a mortgage in principle. You can often get a sort in less than an hour if there is no problem, and at most it should only take a few days. This frees you up to go home hunting in seriously, so you are able to make a fixed offer for a home that you make like the look of. This means that if you have found the property you want to buy, have accepted the offer and want to start the process of buying the home, you must always apply for a full mortgage. If you applied for your AIP through a mortgage advisor, they should be able to use the information you provided them previously as part of the full application process, but they will want to check if they are still correct. It is important to note that a principal mortgage contract is a fluid thing. It is based on the information provided to you, and if the information provided is inaccurate or if your circumstances change, this may affect your mortgage offer. For this reason, we gladly take a little time to gather all this information before applying for an IAP. Once an IPA has been requested, you should not change jobs, add a new credit card or miss a credit payment.

This type of thing can have an impact on your AIP and mean that no loan will be formally offered to you if you need it. As a general rule, a mortgage is normally valid for up to 90 days. It is normally possible to apply for a mortgage agreement in principle, which a lender probably lends you based on certain information online or over the phone in a matter of hours. It involves providing basic information about your finances and a credit check, but it is not a 100% guarantee that you will get the full mortgage until all documents are completed later. Once you have your agreement in principle, you can see real estate within your specific price range; that is, the amount you could possibly borrow, plus each deposit you may have saved. The rules include stress tests and stricter controls on daily expenses. The objective is to ensure that the applicant`s lifestyle and financial situation can still repay the mortgage, despite potential difficulties such as rising interest rates, unexpected unemployment or illness. A wholesale mortgage is exactly what it looks like — an indication of what a lender can actually borrow. It remains conditional on you being able to meet the mortgage criteria in practice, and is not a promise or guarantee. If you are considering how much money to borrow, the mortgage lender should check your credit history to make sure you would be able to meet the monthly payments.

Use our online mortgage or talk to our award-winning mortgage brokers for free expert advice to get the best deal today For example, if you lose or change jobs, borrow, change your family situation or the number of dependents or you go on maternity leave. These, in turn, can have an effect on whether you can get a mortgage. Find and compare mortgages and apply online with the free mortgage advice service of L-C It is usually better to use a mortgage broker because he or she has access to a wider range of mortgages than you can find on High Street or online.