For many people, getting a mortgage agreement in principle could be a particularly helpful part of the mortgage application process. You may ask a lender for a mortgage agreement in principle for reasons such as the following:
- To strengthen an offer you may make to buy a property
- To clarify as to whether you would qualify for a mortgage
- To ascertain what sort of terms to expect from your mortgage offer
However, it is important to remember that a mortgage agreement in principle would normally involve a credit check against you. If there are multiple credit checks against you within a short time period, your credit rating could be negatively affected.
Therefore, it may not be wise to apply for multiple mortgages simultaneously.
Furthermore, a mortgage agreement in principle is not a legally binding agreement and is generally subject to satisfying certain requirements from the lender and you would still be expected to complete a full mortgage application.
The product comparison tables above feature a whole range of competitive mortgage deals that are worth some serious consideration.