Mortgage Agreement in Principle
Why apply for an Agreement in Principle? (AIP)
Getting an Agreement in Principle is a quick and easy way to find out how much you could potentially borrow before you apply for a mortgage, which will allow you to start looking at homes within your budget.
✓ The application takes approximately 10 minutes to complete (provided you have the relevant information handy e.g. income and your addresses for the last three years for you and anyone else applying)
✓ It could give you the confidence to put in an offer on a property
✓ We will only do a soft credit check which won’t affect your credit score
✓ There’s no commitment to take out a mortgage with No1 CopperPot
|YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.|
Please only submit an application if you are:
✓ Age 18 or over and live in the UK
✓ Planning to purchase or remortgage a property in the UK
✓ Part of the UK Police Family (at least one applicant must be employed by, or retired from a UK Police Force)
✓ Looking for a residential mortgage (we don’t currently offer buy to let mortgages)
✓ Planning for your mortgage to be repaid by your 75th birthday
✓ Happy for us to carry out a soft search on your credit file. (Find out more about how we use your data by reading our privacy notice)
✓ Currently employed and have been for at least one year, or currently self employed and have been for at least two years
This AIP will provide an estimate of how much money you can borrow to purchase a property, this is not a mortgage offer or an official confirmation that you have a mortgage. Please be aware that this amount may increase or decrease on completion of a full affordability assessment.
If you wish to purchase a property that is more than the amount shown on the AIP you are provided please contact us to discuss this as we may be able to support you in securing your new home.
We’ve answered some of our frequently asked questions below, however if you would like to speak to one of our Mortgage Advisers to find out more, you can request a call back for a time that suits you.
Frequently Asked Questions
What is an Agreement in Principle?
An Agreement in Principle (also known as a Mortgage in Principle/Decision in Principle/Mortgage Promise) is an informal indication of how much a lender could potentially allow you to borrow to purchase or or re-mortgage your home. This is based on your personal information including your income, credit commitments and deposit amount.
An Agreement in Principle is obligation-free and only involves a soft credit check, which means there is no impact on your credit score.
What information will you require from me?
We need some basic information, including income, credit commitments and your address history for the previous 3 years, for yourself and whoever else is applying. An application for an Agreement in Principle is not as extensive as a formal mortgage application and should take approximately 10 minutes to complete, provided you have all the necessary information to hand.
How long does an Agreement in Principle last?
Your Agreement in Principle will last for 90 days, provided all of the details you provided have remained the same throughout this period (including your income). If you’re planning to start looking for a property anytime soon, it may be a good idea to get an Agreement in Principle in place, this could be required to put an offer in on a property. Whilst it isn't compulsory to have an Agreement in Principle in order to view properties, it can show estate agents and sellers that you are serious about buying.
Could applying affect my credit score?
Applying for an Agreement in Principle with us does not affect your credit score. We will carry out a soft search so that we can verify certain details about your application with a credit reference agency.