Nationwide Agreement in Principle Apply Online: What It Means
Nationwide Building Society, one of the largest financial institutions in the UK, has recently launched a new service that allows customers to apply for an agreement in principle online. This service is a game-changer for those looking to apply for a mortgage or a remortgage with Nationwide.
An agreement in principle (AIP), also known as a decision in principle (DIP), is a lender`s initial assessment of your eligibility for a mortgage. It is not a guarantee of a mortgage offer, but it gives you an indication of how much you can borrow, based on your income and credit score.
Before this new service was launched, customers could only apply for an AIP by visiting a Nationwide branch or speaking to a mortgage adviser over the phone. However, with the new online service, customers can now receive an AIP in minutes from the comfort of their own homes.
So, how does it work? First, customers need to complete an online form with their personal and financial details. Nationwide will then carry out a soft credit search, which won`t impact the customer`s credit score, to assess their eligibility for an AIP. If the customer is eligible, they will receive a notification of their AIP and the amount they can borrow.
The AIP is valid for 90 days and can be used to show estate agents that you are a serious buyer, which may give you a better chance of securing your dream home. Furthermore, customers can still choose to speak to a mortgage adviser if they prefer to discuss their options in more detail.
This new service is a major step forward for Nationwide and its customers. It allows for a smoother and more convenient application process, while also reducing the need for face-to-face interactions. It also aligns with the company`s commitment to digital transformation and innovation.
In conclusion, the Nationwide Agreement in Principle Apply Online service is a great addition to the mortgage application process. It saves time, is accessible to anyone with an internet connection, and gives customers more control over the process. If you`re looking to buy a property or need to remortgage, it`s worth considering using this new service from Nationwide.