What is a Kensington Mortgage Agreement in Principle?

A Kensington Mortgage Agreement in Principle (AIP) is a certificate from Kensington Mortgages that states how much they`re willing to lend you based on the information you’ve given them. It’s not a guarantee of a mortgage from Kensington, but it does show estate agents, sellers, and anyone else involved in the buying process that you’re serious about purchasing a property and that you have a lender who’s willing to provide you with a mortgage.

Why do I need a Kensington Mortgage Agreement in Principle?

A Kensington Mortgage Agreement in Principle can help you in a few ways:

– It shows sellers and estate agents that you’re serious about buying a property and that you have a lender who’s willing to provide you with a mortgage. This can help you stand out from other potential buyers who may not have an AIP.

– It can help you understand how much you can borrow from Kensington Mortgages. This can help you narrow down your property search and avoid looking at properties that are outside of your budget.

– It can speed up the mortgage application process. Once you’ve found a property you want to buy, you can provide your AIP to Kensington Mortgages, and they’ll already have some of the details they need to process your application.

– It can give you an idea of what your monthly payments might be. Your AIP will include an estimate of how much you’ll need to pay each month, based on the amount you’re looking to borrow.

How do I get a Kensington Mortgage Agreement in Principle?

You can apply for a Kensington Mortgage Agreement in Principle online. You’ll need to provide some basic information about yourself, including your income, employment status, and the amount you’re hoping to borrow.

Kensington Mortgages will then run a credit check on you to see if you’re eligible for a mortgage with them. If you are, they’ll provide you with an AIP certificate that will be valid for up to 90 days.

It’s worth noting that a Kensington Mortgage Agreement in Principle isn’t a guarantee of a mortgage. Kensington Mortgages will still need to conduct a full assessment of your financial circumstances and the property you want to buy before they can provide you with a mortgage offer. However, having an AIP can make the mortgage application process smoother and give you an idea of how much you can afford to borrow.