A is for Approval in Principle on a Mortgage

No time to watch the video? No problem. We’ve summarized some of the key points you should know:

  • The approval in principle (AIP) lasts 6 months, and it gives you an idea of how much money you can borrow at that time, whilst you’re busy looking for a home.

  • If you find a home, then contact your bank and ask for a letter of offer, before you put in an offer.

  • Get the house surveyed so that you know it’s structurally sound.

  • Finalise the contract through your solicitor

  • The solicitor will then review all the legal paperwork

  • You’ll then hand over your very hard earned deposit and sit down with the solicitor again in order to sign the contract.

  • Don’t forget to sort out the mandatory Home Insurance and Life Assurance cover.

  • Then you draw down your mortgage, and turn the key in the lock, and your new house into your new home.

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