Agreement in principle (AIP)
Mortgages & secured lendingA lender’s initial indication of how much it may lend for a mortgage.
Overview
An AIP is based on basic information and a preliminary check.
It is not a guarantee of a full mortgage offer.
Why it matters
- It helps you understand your budget when house hunting.
- It can make offers more credible to sellers.
- It reduces surprises later in the process.
FAQs
Does an AIP affect my credit score?
It depends on the lender. Many use soft checks for an AIP.
How long does an AIP last?
It varies by lender, but it is typically valid for a short period.
Related terms
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