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If you`re looking to buy a home, you may have heard the term “mortgage agreement in principle" (AIP) thrown around. This can be an important step to take before you start house-hunting, as it gives you an idea of how much you can borrow and may help you stand out to sellers. In this article, we`ll explore how to get a mortgage agreement in principle with Coventry Building Society.

What is a mortgage agreement in principle?

A mortgage agreement in principle, also known as a decision in principle, is a document that shows how much a lender is willing to loan you to buy a home. It`s based on a soft credit check, which means it won`t affect your credit score. Having an AIP can give you an idea of what homes you can afford and may help you negotiate with sellers.

How to get a mortgage agreement in principle with Coventry Building Society

Getting an AIP with Coventry Building Society is a straightforward process. Here are the steps you`ll need to take:

1. Research Coventry Building Society`s mortgage products

Before you apply for an AIP, it`s important to know what mortgage products Coventry Building Society offers. You can find information on their website or by speaking with a mortgage advisor.

2. Complete an online application or speak with a mortgage advisor

You can apply for an AIP with Coventry Building Society online or by speaking with a mortgage advisor. The online application will ask for basic information such as your income, employment details, and the amount you want to borrow. If you`d prefer to speak with someone, you can call their customer service line and a mortgage advisor can help you through the process.

3. Wait for a decision

Once you`ve submitted your application, Coventry Building Society will review it and make a decision on whether to grant you an AIP. This typically takes a few days, but can sometimes be faster.

4. Receive your AIP

If Coventry Building Society approves your AIP, they`ll send you a document that shows how much they`re willing to lend you. This is typically valid for 90 days and can be used to show sellers that you`re a serious buyer.

Things to keep in mind

There are a few things to keep in mind when getting an AIP with Coventry Building Society:

– An AIP is not a guarantee that you`ll be approved for a mortgage. Coventry Building Society will still need to perform a full credit check and review your financial situation before approving your mortgage application.

– Your AIP may only be valid for a certain period of time. If you don`t find a home within that timeframe, you may need to reapply for an AIP.

– If you`re not sure how much you want to borrow, you can use Coventry Building Society`s mortgage calculator to get an estimate.

– If your financial situation changes between getting an AIP and applying for a mortgage, you may need to update Coventry Building Society and potentially apply for a new AIP.

In conclusion, getting a mortgage agreement in principle with Coventry Building Society can be a helpful step in the home-buying process. It gives you an idea of how much you can borrow and may make you a more attractive buyer to sellers. By following the steps outlined above, you can get an AIP with Coventry Building Society and take the first step towards buying your dream home.