We understand that mortgage calculators can be confusing and provide varying amounts, due to being based on variable terms and inputted information. For an accurate discussion on affordability, we recommend speaking to a mortgage broker as your first port of call. You’ll also need to consider the additional costs of buying a property, such as conveyancing, surveys, moving costs and stamp duty.
Agreement in Principle
An Agreement in Principle (AIP), or sometimes referred to as a Decision in Principle (DIP), indicates a specified amount the mortgage lender will lend you towards a property purchase (ie. £180,000). A mortgage broker will source this for you and estate agents require evidence of this before you make an offer, and in most cases, before showing you available properties.