An agreement in principle gives an initial indication from a lender based on the information and checks it uses at that stage. It is not the final mortgage offer for a particular property. Ask the lender what has been assessed, what remains to be checked and how long the indication is intended to last.
Check the details
- The amount and assumptions used.
- Whether and how a credit search is carried out.
- Any conditions or expiry information.
- What evidence is needed for a full application.
- How changes in circumstances should be reported.
Provide accurate information and keep the document securely. A seller or agent may ask about your readiness, but avoid sharing more sensitive information than the process reasonably requires.
Continue to budget for fees, deposit and running costs independently of the indicated loan amount. The lender will still assess the application and property through its process. Read MoneyHelper's home-buying and mortgage guidance, then confirm the meaning of your own agreement directly with the lender or adviser before making commitments based on it.
Put it into practice
Use the personalised moving checklist and timeline to organise your own figures or next steps. Keep its assumptions alongside your plan.