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Validity of mortgage agreed in principal
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ftb_home_dream
Posts: 15 Forumite
Hello all,
This is my first post so please go easy on me. How long is mortgage agreed in principal is valid for? Can one have maximum of 6 months validity on it? Also is mortgage agreed in principal also known as mortgage promise?
This is my first post so please go easy on me. How long is mortgage agreed in principal is valid for? Can one have maximum of 6 months validity on it? Also is mortgage agreed in principal also known as mortgage promise?
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Mortgage Promise is the name the NBOS group use for an agreement in principle.
An AIP is usually only valid for 30 days, then they have to credit score and check you again to make sure that your situation has not deteriorated in any way.I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Just remember that whilst the agreement in principe may well be valid now, if your situation changes or a lenders situation changes, you may find out that the lender will not proceed with the mortgage for you
Also, with most lenders it does not secure/reserve the rate - that only happens when you submit the full applicationI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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