A Mortgage Agreement in Principle – Why does it matter?
Buying a home is one of the most exciting (and sometimes overwhelming) milestones in life. At Greg Sloane Residential, we help buyers across Shrewsbury and the surrounding villages navigate the process with confidence. And one of the most important early steps we always recommend is securing a Mortgage Agreement in Principle (AIP).
Also known as a Decision in Principle (DIP), this is a simple letter or certificate from a mortgage lender that confirms how much they’d be prepared to lend you, based on some basic checks. While it’s not a guarantee, it’s a powerful piece of paperwork – and here’s why it’s so valuable.
1. It shows sellers (and agents) that you’re a serious buyer
As one of the best estate agents in Shrewsbury (if we do say so ourselves!), we know how important it is for sellers to feel confident in potential buyers. An AIP shows that you’re ready to move forward and that your finances have already had a first pass by a lender. In a competitive market, that can really set you apart.
2. It helps you know what you can realistically afford
We all love to browse property listings and imagine what might be… but when it comes to making real progress, knowing your true budget is essential. A Mortgage Agreement in Principle helps you narrow your search to homes that are within reach – avoiding time wasted on properties that are outside your price range.
3. It can speed up the whole buying process
At Greg Sloane Residential, we work closely with both buyers and sellers to keep things moving. Having a Mortgage AIP in place means fewer delays when you find your perfect home. It also gives you the confidence to act quickly and make an offer before someone else beats you to it.
4. It helps avoid nasty surprises later
When you apply for an AIP, the lender will carry out soft credit checks and ask for basic details on your income, employment, and debts. This is a useful way to flag any potential issues early, so you can address them before making a formal mortgage application.
5. It usually lasts for 60 to 90 days
Mortgage Agreements in Principle are typically valid for two to three months, giving you time to search for a home without feeling rushed. And if you don’t find one straight away, they’re usually easy to renew.
Need a mortgage advisor in Shrewsbury?
We’re always happy to recommend trusted local professionals. If you don’t yet have a mortgage advisor, we can introduce you to a brilliant independent expert based right here in Shrewsbury. They’ll walk you through the process, help you get your AIP sorted, and make everything feel that bit more manageable.
Do you need more advice?
Whether you’re a first-time buyer or looking to move up the property ladder, getting a Mortgage Agreement in Principle is a simple but crucial step. It makes you a stronger buyer, helps you search with clarity, and keeps the whole process running smoothly.
If you’re starting your property journey in Shrewsbury or the surrounding villages, get in touch with Greg Sloane Residential. We’re a local, family-run estate agency offering a personal, modern approach – and we’d love to help you make your next move with confidence.
Also, ave a look at our Properties for Sale page to see all the amazing properties for sale between Greg Sloane and our partner agency in Oswestry, Daniel James Residential.
Thinking of Moving?
Whether you’re actively looking to sell your house around the Shrewsbury area, or simply curious what it’s worth – we’d love to hear from you. We’re proud to be independent, local estate agents in Shrewsbury, offering a hands-on, personal service.
Want to know what your home might be worth?
Try our instant valuation tool: https://shrew.gregsloane.com/freeOLV
Or just get in touch – we’re always happy to chat.
All the best,
Greg & Beverley
GREG SLOANE RESIDENTIAL
📍 Shrewsbury & Surrounds | Selling Homes, Personally.
