• Mark Travell

When should you get an Agreement in Principle?

So, what came first? The chicken or the egg?


Honestly, when it comes to that, we have no idea! But, when it comes to buying your first, second or last home, we would suggest you find your mortgage before you find a house.


Now we don’t want to be killjoys, we know how excited you are to get out and start viewing houses. Eventually you’ll find the dream home, the one that really stands out and gives you all the warm and fuzzy feelings when you see it. Imagining long summer days and cozy winter nights happy in your own home.


But, imagine doing all that searching, finding that dream property only to get declined for the mortgage you need to buy it. We want you to enjoy the house buying process from start to finish which is why we always recommend that you get an Agreement in Principle, Decision in Principle or Mortgage in Principle before embarking on your search. If you were wondering if they are all the same thing, then you would be right! So, what are they exactly?


Quite simply, these ‘in principle’ documents are the first steps towards getting your mortgage. They confirm in principle your affordability and agree that you have passed the required credit checks. They aren’t a guarantee of a mortgage but they are definitely a great first step.


Being patient for just a little bit longer until you have confirmation of agreement in principle will give you the peace of mind that when you do go searching for the home that meets your budget, your chances of getting the mortgage amount you need is significantly increased.


Another benefit of getting your in principle agreement before you start searching for your property is that when you do find the home you want to buy, the estate agent and seller will have confidence in your ability to proceed. This will make your offer stand out when compared to those who may make offers without an agreement in principle.


We hope you found this article useful and should you wish to speak with an actual human about your Agreement in Principle, our team would be delighted to speak to you. Just give us a call on 0333 242 3863.

We wish you all the best with your mortgage application.

Written by Mark Travell, Director of Robin Mortgage Design

#AgreementInPrincple #FirstTimeBuyers #MovingHome #MortgageAdvisers

Now it’s time for the legal bit: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP TO DATE WITH YOUR MORTGAGE PAYMENTS

Robin Mortgage may charge a fee for arranging your mortgage, a typical fee would be £395.00 but could be up £1,495.00 depending on your circumstances.

The information in this blog is only valid for the date it is written.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE

The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.

Not all forms of mortgage lending such as certain Buy to Lets are regulated by the Financial Conduct Authority along with some additional related services, such as Conveyancing. A full disclosure document will be provided to you.

If you are considering securing additional debts against your home: Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Some links on this website will take you to third party websites. Robin Mortgage Design have no control over and are not responsible for the content of other sites.

*some services are by provided as a referral to a third party company. No personal information will be shared with such companies without your prior permission. Robin Mortgage Design have no control over these companies and cannot be held accountable for their service or advice.

Robin Mortgage Design is a trading style of Robin Partnership Ltd whom is an appointed representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority.  The registered Office of Robin Partnership Ltd is 22 South Street, Castlethorpe, Milton Keynes, Buckinghamshire, MK19 7EL. For more information please refer to the FCA register https://register.fca.org.uk

 

Robin Mortgage Design charge a broker fee which is only payable on mortgage offer. The precise amount will depend upon your circumstances however a typical fee is £395.00 and the maximum that could be charged is £1,495.00