Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

What is an...

Agreement In Principle

An Agreement in Principle (AIP) is a mortgage lender’s confirmation that it would offer you a mortgage based on the information it has seen, providing your circumstances don’t change significantly.

How do I see the information that an Agreement in Principle will be based on?

Depending on what type of credit check is used by the lender, a check might be carried out to verify your details or to assess your credit history, both of which will be essential when the actual application is carried out.

To understand exactly what information will be accessed when you make an application, it’s best to check your Credit Report. checkmyfile’s Multi Agency Credit Report is the most detailed in the UK, providing your complete information from Equifax, Experian, TransUnion, and Crediva, ensuring that you’re seeing everything you need to apply for a mortgage with confidence – all on the same easy-to-use platform.

You can try checkmyfile free for 30 days, then just £14.99 per month. Cancel easily online at any time.

How reliable is an Agreement in Principle?

The success rate will vary depending on which lender you use, but if there is something glaringly out-of-place with your finances or on your Credit Report, an Agreement in Principle should spot this ahead of time.

An Agreement in Principle is not legally binding and not a guarantee that you will be formally offered a mortgage, even if you make an application with the same lender. These checks are not compulsory, but they may give you a better insight into what a mortgage lender is looking for.

An AIP looks at your finances and your Credit Report at a glance, but when it comes to the actual application, mortgage lenders will look at your information in far greater detail, which is when they might spot something that was not immediately apparent.

These days, many lenders will allow you to carry out an Agreement in Principle online, which offers a quick assessment of your affordability, along with a search of your Credit Report. Some lenders will carry out a soft search, while others may do a full hard search.

Some AIPs may be subject to a property valuation or certification of claimed income, but this will vary from lender to lender, so it is important to check their requirements first to ensure the best chance of acceptance.

What do I do if my Agreement in Principle is rejected?

If you are denied an Agreement in Principle by your chosen mortgage lender, there’ll likely be something off with your application: whether you’re applying for too high a loan; your income is considered too low after outgoings are deducted; or a negative marker is found on your Credit Report (to name just a few examples).

If you can’t find anything out of place with your application, you’ll want to check your Credit Report to see the information that the lender will have seen when they ran the credit check on you. Any adverse markers on your Credit Report could be the reason for the rejection.

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