You may be worried whether your agreement in principle will affect your credit score - after all, it is a form of credit check. They do this as it gives them peace of mind that you are able to afford the property and enables you to proceed with the sale. Your estate agent or seller will most likely ask for your agreement in principle before taking the property off the market. However, it will allow you to secure the property you want, and go ahead with the next steps of your mortgage. Unlike contrary belief, it does not guarantee that you will be able to get a mortgage, as you will still be required to pass the lender’s individual borrowing criteria further down the mortgage process. It can be easily obtained from a Mortgage Broker, or your chosen lender, either online or face-to-face, by completing a form outlining your earnings, deposit, and other relevant financial information.

This means that depending on the lender, it may have an impact on your credit score.Īn agreement in principle is a document that states the maximum amount you can borrow from a lender. However, you need to be aware that an agreement in principle is a form of credit check. So you have found your perfect property, congratulations! Your next job to make sure you can qualify for a mortgage will be getting an agreement in principle, commonly also known as a mortgage in principle.īy obtaining this, you will finally be able to secure your property with the seller and smoothly start your mortgage process.

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