Before you start looking for the house, ask in principle for a mortgage contract. This way, you will know how much you can borrow and if you are turned down, you will have the opportunity to tackle the problems and reassess your finances. Five months before the end of your product, Metro Bank sends a notification letter. Three months before the expiry date, you will receive another letter to inform you of how to enter into a new agreement with them via Metro Bank`s online portal or through a consultant. If you need a policy decision as soon as possible, apply and an advisor will call you back to arrange it for you. Your advisor can explain the process in more detail by understanding your current situation. You may urgently need an AIP to secure real estate, or you may have refused a mortgage. Even if you just want to know how much you can borrow, our advisors can help. An agreement in principle is also called PIP or DIP (decision in principle). A DIP and an AIP are exactly the same and differ only from the name. Make sure that an agreement in principle is not a guarantee to receive a fixed mortgage offer. The covid crisis has had an impact on availability, the criteria for granting credit have been strengthened and the amount you can borrow can be reduced if you have been laid off. Getting a mortgage in principle is usually the first indication that you will likely get a mortgage.

It`s a good idea to get an agreement in principle, as it tells you how much you can borrow. You can then start your real estate search with confidence and a budget in mind. Real estate agents may ask you if you have an AIP if you are making an offer for a property. Your mortgage advisor can grant you an agreement in principle as soon as you have provided the necessary information requested by your advisor. This varies, but usually it`s proof of income, identification, proof of domicile, proof of your deposit, and a 3-month account statement – you can upload it to speed up the process. Intermediaries authorized by the ACF can visit metrobankonline.co.uk/intermediaries to review the lender`s mortgage options, verify the criteria for granting credit and register for the intermediary portal. An agreement in principle is usually valid for either 60 or 90 days. Lenders and brokers calculate different rates and fees to create an AIP document.

Simply use our tool that allows you to enter your postal code and find your local BDM at the touch of a button – metrobankonline.co.uk/intermediaries/find-your-local-bdm/ or contact the Broker Helpdesk on 0203 427 1019 A mortgage can still be refused even if an agreement in principle has been granted to you. A mortgage can be refused to you according to an AIP in the following circumstances: A mortgage contract in principle (AIP) is simply a loan agreement based on an initial valuation. Your first assessment is largely based on your income, expenses, creditworthiness and employment status. This is not a formal mortgage offer, but it is an agreement in principle based on the information you have provided. Metro Bank is here to revolutionize the banking industry by creating fans, not customers. With a national presence as business development manager and a highly experienced underwriting team, Metro Bank wants to offer a fast, efficient and reliable service to its mortgage partners and customers. Metro Bank`s Residential and Buy to Let products all follow the same principle: be upright, easy to understand and meet the needs of the customer, whether it is a first-time buyer or an experienced owner. You might be tempted to find a mortgage on your bank, but a broker has access to transactions that might not be offered directly to borrowers.