When you`re in the process of buying a house, one of the first steps is to obtain an agreement in principle from a lender. This is essentially a statement from the lender saying they would be willing to lend you a certain amount of money to purchase a property. NatWest is a popular choice for many homebuyers in the UK, but what is the validity period for their agreement in principle?
At NatWest, an agreement in principle is valid for 30 days. This means that you have 30 days from the date the agreement is issued to find a property and make an offer. If your offer is accepted, you can then proceed with a full mortgage application.
However, it`s important to note that an agreement in principle is not a guarantee that you will be approved for a mortgage. It is simply an indication that, based on the information provided, the lender is willing to lend you the specified amount. The lender will still need to carry out a full assessment of your financial situation and the property you want to buy before making a final decision.
If the 30-day validity period expires before you find a property and make an offer, you can apply for a new agreement in principle. However, keep in mind that applying for multiple agreements in principle can have a negative impact on your credit score. It`s important to do your research and be confident in your property search before applying for an agreement in principle.
In summary, an agreement in principle from NatWest is valid for 30 days. This gives you a limited period of time to find a property and make an offer, but it`s important to remember that it`s not a guarantee of a mortgage. Make sure to do your due diligence before applying for an agreement in principle to avoid any negative impact on your credit score.
