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- Decision in Principle - |
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A decision in principle is an assessment, given by a mortgage lender, as to whether a potential buyer is financially able to afford a property of a certain price, assuming that the details given by the house-hunter are correct. In most cases, the decision in principle will be a maximum amount and can be printed out and shown to sellers or estate agents to prove that the would-be buyer does indeed have the wherewithal to purchase the property. It gives the buyer credibility and gives the seller and the agent a measure of protection against timewasters and those simply being intrusive.
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Use our layman jargon buster to decipher other key industry terminology.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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