If you`re in the market for a mortgage, you may have heard the term “agreement in principle” (AIP) thrown around. An AIP is essentially a statement from a lender that says they would be willing to lend you a certain amount of money based on some initial information about your financial situation.
One lender that offers AIPs is TSB, a UK-based bank. So, what exactly is a TSB mortgage agreement in principle, and how do you get one?
First, it`s important to understand that an AIP is not a guarantee that you will be approved for a mortgage. It`s simply an indication that the lender is willing to consider your application based on some preliminary information.
To get a TSB mortgage agreement in principle, you`ll need to provide some basic information about your income, expenses, and credit history. This can typically be done online in just a few minutes.
Once you`ve provided this information, TSB will run a credit check and assess your application based on their lending criteria. They will then give you an indication of how much they would be willing to lend you.
It`s important to note that this amount is not set in stone, and may change based on further information provided during the full mortgage application process. However, having an AIP can be helpful in giving you a rough idea of how much you may be able to borrow, and can help speed up the mortgage application process later on.
To get a TSB mortgage agreement in principle, you don`t necessarily need to be ready to apply for a mortgage right away. In fact, many people get AIPs as a first step in the process of buying a home, so they can start to understand their budget and begin house hunting.
Overall, if you`re considering applying for a mortgage from TSB, getting an agreement in principle can be a helpful first step. Just remember that it`s not a guarantee of approval, and you`ll still need to go through the full mortgage application process to get a final decision.