Agreement/Decision in Principle

changingmyways

Hi all

My partner and I are starting our search for our first him together. We haven’t yet been to see a mortgage advisor etc but have gotten an agreement in principle online from a bank. My question is, how accurate are these online and do they take into consideration your credit history etc.. are they a good indication?

amnblog

They are not something that should be undertaken to ‘test the water’.

Get some professional advice.

juniordoc

If your circumstances are not simple then you might want to see a broker.
If they are, then using lenders online calculators should give you a reasonable estimate.
The application for AIP will now appear in your history so do not apply for any more until you find a property you want to offer on.

ACG

AIPs can either be 100% spot on or not worth the paper they are printed on.

If you enter anything incorrectly (or not as the lender would want you to enter it - the big one here is things like bonuses/overtime/tax credits) they can be worthless. Likewise, if there is only a soft credit check or worse still non at all - they are worthless.

Dont get multiple AIPs, if they do involve a credit check, you could be shooting yourself in the foot.