GLOSSARY
AGREEMENT IN PRINCIPLE
An Agreement in Principle (frequently called a Mortgage in Principle or Decision in Principle) is an official intention to loan issued by a mortgage lender.
It outlines the maximum amount of money a bank or building society estimates they are willing to lend you based on preliminary checks.
Obtaining an Agreement in Principle is a crucial once your offer on a property has been accepted.
It demonstrates to all parties that you are a serious and financially viable buyer, though it is not a formal guarantee that a final full mortgage application will be approved.
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