Agreement in principle

readytofly

Hello, im posting very frequently this week due to things moving forward with our home hunt.

We saw a mortgage broker last friday who has arranged an agreement in principle with a fixed rate 5.99% for 2 years and a £999 product fee with the halifax,making payments on a mortgage of £152,100 £866 per month. There will also be a £395 fee to the broker. I have just had a look on the nationwide website and have found this deal:
5 yr fixed rate at 4.39%, £400 product fee and if we could borrow £152,100 for the property of 168,995 our repayments could be as low as £708. So my question is, Is it ok to have more than one agreement in principle? Will it greatly affect our credit score? We are first time buyers and would go for a 35 year term as we are quite young (23 and 27)

Thanks

kingstreet

A couple of searches shouldn't make a great difference, but no more.

An AIP and a full application, if to different lenders, is all you should need.

puresilk

Different banks/building societies have different criteria.

Some do an AIP and do not credit check you untill you apply for a full mortgage.

Some when they give you an AIP they credit check you there and then.

So find out what they do before you go and get 3-4 AIP's and credit scored on each and then find out your credit score has gone down by 200 points.