First Time
Buyers In
Hull

It All Starts Here…

First Time Buyers

What is a decision in principle?

The first thing that we should point out is that a decision in principle might be also called other things, such as an agreement in principle (AIP), a mortgage certificate, a mortgage promise etc., but ultimately, they are all the same thing, but for the purpose of the information within this page, I’ll refer to it as a decision in principle.

As a Mortgage Broker in Hull, we have helped lots of First Time Buyers in Hull to secure mortgages.

A decision in principle is proof that you have passed a credit score with a particular lender. A lot of lenders (but not all) will issue you with some form of documentation to prove that they are prepared to consider lending you the monies needed. However, this does not mean that you have been offered a mortgage. It simply means that they will consider an application based on the information you have provided.

When should I obtain a decision in principle?

In our opinion it is probably best to obtain a decision in principle before putting in an offer on a property in Hull. The first things that an estate agent in Hull will usually ask you for is proof that you can afford to buy the property. The way that you prove this is by supplying them with a copy of your decision in principle and proof of your deposit. They can then verify that you can afford to buy the property in Hull, inform the seller of your position, and hopefully agree the offer that you put in on the property.

How long is a decision in principle valid for?

All lenders offer slightly different time scales which usually range from 28 days to 90 days (or 3 months). It is not panic stations if you do not find a property in Hull within that time, it simply means that you need to contact us to relook at the options for you and reissue you with another decision in principle. Certain lenders do not issue a physical decision in principle but will let us know that you have passed a credit score with them. In this scenario we will provide you with a signed letter on our company letter headed paper to satisfy the requirements of the estate agents in Hull.

Does a decision in principle mean that I will be offered a mortgage?

A decision in principle means that you have passed a credit score based on the information that you have supplied to the lender, but this does not mean that you will be offered a mortgage. You will need to supply the lender with a number of things to prove the information given to pass the credit score for the decision in principle stacks up. For instance, they might want to see your payslips for proof of earnings, or bank statements to check account conduct and to ensure that all credit commitments have been declared. All of this information is assessed by an underwriter and when they are satisfied with yourself as a customer then they will look to instruct a valuation on the property that you are either looking to buy or re-mortgage. Once they are happy with yourself as a customer and they are happy that the property you are either purchasing or re-mortgaging is suitable security then you will officially be offered the mortgage. This is known as a Mortgage Offer.

The ‘I Am A Mortgage Broker’ Team are based in Hull and will go above and beyond to help all of our clients to ensure they get an excellent service.

We can accurately work out how much you can borrow and how much of a deposit you will need.

We will guide you through the whole process from the initial telephone call, right through to you getting the keys to your new home.

Trusted Qualified Mortgage Advice in Hull

We offer Mortgage Appointments to all of our customers in Hull.

If you would like to talk to a mortgage broker you can rely on in Hull, then contact us today by either calling, sending a message or book an appointment online through our website

Paul & Emma

You can book in your Mortgage Consultation today by using our online booking system, or simply send us an enquiry or give us a call.

We’ll also get back to you within 24 hours. Even on the weekends.