A is for Approval in Principle on a Mortgage

KBC - A is for Approval in principal for Mortgages

“We’ve got approval in principle but what happens next?”



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.