Santander Online Agreement in Principle: What You Need to Know
If you`re on the hunt for a new home, you`ll need to secure a mortgage to finance it. One of the first steps in securing a mortgage is getting an Agreement in Principle (AIP) from a lender. An AIP will give you an idea of how much you can borrow and help you narrow down your property search. Santander, one of the UK`s leading mortgage providers, offers an online AIP service that`s convenient and easy to use.
Here`s what you need to know about Santander`s Online Agreement in Principle:
What is an Agreement in Principle?
An AIP is a statement from a lender that indicates how much they would be willing to lend you based on some basic information about your financial situation. It`s not a guarantee of a mortgage, but it`s a good indication of how much you can afford to borrow. An AIP is also sometimes called a Decision in Principle (DIP) or a Mortgage Promise.
Why should you get an Agreement in Principle?
Getting an AIP is an essential step in the home-buying process. It can help you:
– Understand how much you can borrow
– Narrow down your property search to homes within your budget
– Show estate agents and sellers that you`re a serious buyer
– Speed up the mortgage application process
How do I get an Agreement in Principle from Santander?
Santander makes it easy to get an AIP online through their website. Here`s how:
1. Visit the Santander website and navigate to the mortgages section.
2. Click on the “Get a mortgage AIP” button.
3. Fill in the basic information required, such as your name, address, income, and employment details.
4. Input the amount you`d like to borrow and the term of the mortgage.
5. Submit your application.
Santander will run a credit check on you, which won`t affect your credit score, and will give you an AIP within 24 hours. If you`re happy with the amount they offer you, you can then proceed with a full mortgage application.
What are the benefits of using Santander`s Online Agreement in Principle service?
There are several benefits to using Santander`s online AIP service:
– It`s easy and convenient: You can get an AIP from the comfort of your own home.
– It`s fast: You`ll receive an AIP within 24 hours of submitting your application.
– It`s free: There`s no cost to getting an AIP from Santander.
– You`re not obligated to proceed with a full mortgage application: If you`re not happy with the amount Santander offers you, you can choose not to proceed with a full mortgage application.
In conclusion, a Santander Online Agreement in Principle is an essential step in securing a mortgage for your new home. It`s a convenient and fast service that`s free to use, and it can help you understand how much you can afford to borrow. If you`re in the market for a new home, visit the Santander website to get your AIP today.