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Ron Manager
formerly Libertine
It means that the bank are happy 'in principle' to lend you the money you applied for. They have agreed that based on the info you have given them but they may well check some of that information (by requesting payslips, references, bank statements, ID etc).
When you receive your 'offer' or 'mortgage loan agreement' that is when you have had your loan agreed and can look to exchange contracts and ultimately complete on your purchase. That offer is usually valid for 3 to 4 months, if there are delays and you are unable to complete in that time the bank will need to re-assess your case and possibly request up to date status before issuing a new one.
When you receive your 'offer' or 'mortgage loan agreement' that is when you have had your loan agreed and can look to exchange contracts and ultimately complete on your purchase. That offer is usually valid for 3 to 4 months, if there are delays and you are unable to complete in that time the bank will need to re-assess your case and possibly request up to date status before issuing a new one.
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So the credit checks etc have been done already? So if I decide to make an offer on a property, I just have to supply any information / proof they request?
Ron Manager
formerly Libertine
Yep, credit checks should have been done. You don't actually need to have an agreement in principle before you can make an offer on a house anyway (despite what some Estate Agents may tell you) as there is no commitment on your part at that stage to buy the property. It's not a bad idea to have an AIP though, as you know what you can realistically borrow and work within that budget. You will need an offer before you exchange contracts however, because it's at that point you are commited to buying it.
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