How to buy your first home

3. Getting a mortgage approved in principle

Getting a mortgage approved in principle

Once you've got your deposit, it’s time to start looking at properties! We recommend setting up alerts on sites such as Rightmove, and registering your interest with your local estate agents.

Estate agents often ask for something called an Approval in Principle (AIP) when you start looking at properties . It’s essentially a confirmation from your mortgage broker (ideally, us!) on how much you can afford to borrow, taking into account your income and outgoings. Whilst it doesn’t guarantee that your mortgage will be approved, it does show that you are serious about buying and ready to start the process. It’s best to get an AIP arranged with us before you start to view properties, as some estate agents won’t let you view without one.

To get your AIP, register an account with us and fill in the “personal details” section of your account, request one from us on our webchat. Part of the AIP process includes a credit check, where possible we use a soft credit check so this does not effect your credit score.

Once your offer on a home is accepted you can begin your mortgage application and start finding solicitors and insurances.

Finding the right mortgage

Once you’ve had an offer on a home accepted, the next steps are to:

1. Receive advice

2. Find a solicitor

3. Complete your mortgage application

To get your home buying recommendation, you start by filling in all the details in your account. Applying for a mortgage through us is quick and easy – and all online.    

We’ve built our service for first time buyers, so our application doesn’t just ask “how long do you want your mortgage for?” Because…well, how do you know that?! We provide you with tools on our application form that can help you make those decisions, and see how much you feel comfortable paying towards your mortgage each month. Based on the information you provide us, we’ll search thousands of mortgages to find the right one for you. Our advisers make no commission on mortgages, or any of the other products we recommend, so you know the mortgage we’ve found for you is a totally unbiased recommendation.

Documents you’ll need to hand are:
  • Proof of ID – Driving License or Passport 
  • Proof of Address (within last 3 months) – Bank Statement, Council Tax Bill etc. 
  • 3 Months Bank Statements (most recent) – main day to day bank account
  • Proof of Deposit (last 3 months bank statements) – E.g. Bank Statement, Savings Statement, Gifted Deposit Letter

Once you’ve finished telling us about yourself, you’ll have your personalised recommendation within minutes.