So it may affect our decision to lend if you have Just remember that if you apply for a mortgage, we'll ask you detailed questions about your credit history. Find out why it's a good idea to understand the mortgage lending rules we have to follow. Depending on your circumstances, we might need to speak to you before we offer you an AiP. You might be able to get an AiP even if you know you've had some money problems in the past. Can I get an AiP if I’ve had money problems in the past? If you apply for a mortgage, we'll need to check your income, credit history and financial circumstances, and consider whether you can afford the mortgage payments both now and in the future. Does an AiP guarantee I’ll get a mortgage?Īn AiP doesn’t guarantee you can get a mortgage, but it will give you an idea of whether we'd be willing to lend the amount you need. We don’t check your full history with credit reference agencies until you apply for a mortgage. Instead we ask credit reference agencies to confirm whether certain details you enter on the AiP form match what they hold on your credit file. Unlike making a mortgage application, we don't run a full credit check on you for an Agreement in Principle. Does a mortgage in principle affect your credit score?Ī mortgage in principle doesn’t affect your credit score’. Then, with your consent, we’ll check your full credit history with credit reference agencies. If you decide to apply for a mortgage, we’ll ask you more detailed questions about your finances to see how much you can borrow from us. It’s an indication that we could lend a specified amount, based on details you’ve provided about your income, spending and debts. Some lenders call it a mortgage in principle. What does an AiP mean?ĪiP stands for ‘agreement in principle’ for a mortgage. It's a good idea to complete another AiP if any of those details or your circumstances change, as it could affect your AiP outcome. How long does an Agreement in Principle last?Īssuming there's no change to the details you've given us about your income, regular spending and any debts you might have, your AiP will last for 90 days.
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