What does 'AIP' mean when buying a property?

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AIP

See Agreement in Principle

Search Results for 'AIP' in
How to Really Buy a Property

"... by an Agent then as long as the adviser is qualified, don't shy away, welcome it! If you aren't offered, ask. - Agreements in Principle (AIPs) and Pre Arranged Mortgages (PAMs) - - Agreements in Principle (AIP) - Most buyers are now aware of the Agreement in Principles (AIPs). These are..."
"... don't shy away, welcome it! If you aren't offered, ask. - Agreements in Principle (AIPs) and Pre Arranged Mortgages (PAMs) - - Agreements in Principle (AIP) - Most buyers are now aware of the Agreement in Principles (AIPs). These are however, exactly what they say they are. Briefly..."
"... buyers are now aware of the Agreement in Principles (AIPs). These are however, exactly what they say they are. Briefly translated an AIP is the bank saying, "If what you have told us is true then we are prepared to lend you this much". The problem is that we often forget, or don't know it is important,..."

"... Out Your Mortgage - to show you can afford the property A copy of your bank statement to show you can afford the deposit An Agreement in Principle (AIP) If you will need a mortgage to buy a property the lender will be able to supply you with an agreement in principle based on a few..."
"... an AIP is also a useful exercise in helping you consider your budget carefully. Not every lender will offer you three and a half times your salary (something that many first time buyers assume) as a mortgage. You will also start to get a feel of the various restrictions that certain mortgage products have. Some, for example, do not allow you to buy in blocks more than four stories high, others will only loan on properties with more than two bedrooms, and so..."

"... the first instance the lender will give you an Agreement in Principle (AIP). This is a superficial agreement which basically says, "If what you have told us about yourself is true and the property you choose is worth what you plan to pay for it, we will lend you a specified amount". You can get such an agreement without specifying a property and lenders issue these more as a guide to what you can afford than anything else...."

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