Mortgage Decision in Principle Certificate
Published / Last Updated on 05/05/2008
Mortgage Decision in Principle Certificate
Mike Ockenden, director-general of the Association of Home Information Pack Providers (AHIPP), believes the way forward for the market was for buyers to have a certificate stating the mortgage they have secured and how much they can borrow. This document will allow the estate agent to accept the offer and make the process much easier.
Our view
The idea, in principle, in a stable mortgage market is technically already with us as many lenders offer ‘decisions in principle’ and issue confirmation. The problem in a volatile mortgage market is that lenders are withdrawing products and changing lending policy at short notice so any certificate may have a limited validity period.
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