Agreement in Principle
There are three good reasons to arrange an Agreement in Principle:
- When making an offer on a property, you'll have the confidence that you can realistically put your money where your mouth is. Just bear in mind that the Agreement in Principle is likely to be dependent on the information you supply being correct and on a satisfactory valuation of the property.
- It proves to estate agents and buyers that you are serious about buying.
- You'll know if you have any issues with your credit, before you make an offer on a property. Many people don't realise they have a credit problem until their full mortgage application is turned down.
Halifax offer a ‘Mortgage Promise’ and it takes just 15 minutes to complete online.
Happy with how much you can borrow?
Yes
Great news!
Now before you go ahead and start looking for a property, it's worth bearing in mind both the upfront costs of moving and the costs once you've moved in. Remember to check these on your To Do List to avoid any last minute surprises.
Your biggest upfront cost to think about is your deposit.
Now that you have your deposit, know how much you can borrow, and are aware of all the costs involved, you're ready to find your first home. Take a visit to the Estate Agent.
Your home may be repossessed if you do not keep up repayments on your mortgage.
No
Not the best news but don't lose heart, there are other ways onto the property ladder.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.