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validity of AIP?
xyz123
Posts: 1,671 Forumite
Hi
Just wondering if someone can tell me how long typically Agreement in Principle valid for with mortgage brokers.
We would like to be in a position of having AIP in hand when making an offer on house but obviously we don’t know how long will it take for us to find a home we like.
Just wondering if someone can tell me how long typically Agreement in Principle valid for with mortgage brokers.
We would like to be in a position of having AIP in hand when making an offer on house but obviously we don’t know how long will it take for us to find a home we like.
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Comments
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The AIP isnt from the broker, its from the lender. Around three months is common.0
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Just wondering if someone can tell me how long typically Agreement in Principle valid for with mortgage brokers.
An agreement in principle is an indication that if what you have declared is correct and no new information comes to light to change that fact and lending criteria doesnt change by the time you make the application then they will lend you the money. For most people, that won't be an issue. However, if you are pushing the limits or havent been quite as truthful as you should have been then they do not have to honour it. Lending criteria changes were a pain during the recession as they were happening weekly and some daily during the worst points. Its unlikely now that you would fall foul of that but you never know.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Depends on the lender. Can be valid for 30 days up to 90 days.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
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