As a Mortgage Broker in Hull, we have helped lots of our customers in Hull to secure mortgages when moving homes, and more often than not our customers in Hull will want us to get them a decision in principle to give them peace of mind before starting to look at properties.
Here is a bit of information that you might need to know…
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.
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 about yourself.
In our opinion it is probably best to obtain a decision in principle before putting in an offer on a property. The first things that an estate agent in Hull will usually ask you for is proof that you can afford to buy the property in Hull. You can 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.
Speak to one of our qualified Mortgage Brokers in Hull today to get you a decision in principle
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 within that time scale, 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.
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 sore 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 remortgage. Once they are happy with yourself as a customer and they are happy that the property in Hull that you are either purchasing or remortgaging is suitable security then you will officially be offered the mortgage.
All of our Mortgage Brokers in Hull are either from Hull or the surrounding areas and are familiar with the local area. We deal with different types of mortgage scenarios all day, every day, and we supply the highest of quality advice and service.
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 your mortgage offer and then finally moving into your new property.
We offer Free 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