What's the difference between Approval in Principle (AIP) and a full mortgage offer?

To obtain Approval in Principle (AIP), we ask you to answer a few questions about you and your financial details. Based on the information you give us, we'll tell you how much you could borrow to buy a property. You can consider this amount in your calculations when looking for your property. However, AIP is not a legal document and does not entitle you to receive a mortgage loan for the AIP amount. You must fill in a full mortgage application before AIP turns into a full mortgage offer.

To obtain a full mortgage offer, you must answer a comprehensive set of questions about you, your financial details and the property you would like to buy. As soon as you provide us with the documents, we need to support your application and carry out the necessary credit checks we can move onto the next steps which is formal underwritten credit approval. Only then will you receive a full mortgage offer which sets out the terms under which we are prepared to offer you a mortgage.