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Agreement In Principle

What is an Agreement in Principle?

A Mortgage Agreement in Principle, also known as a Decision in Principle, is a statement from a lender indicating how much they may potentially be willing to lend you. It's not a guaranteed offer of a mortgage, but it can be helpful when house hunting, as it provides an estimate of your borrowing power.

The Agreement in Principle is based on basic information such as your income, outgoings, credit history, and the amount you want to borrow. Remember, the actual mortgage offered can be different based on a more detailed analysis of your financial situation, as well as a valuation of the property you want to purchase.

An Agreement in Principle is not a guarantee that you can get a mortgage and is intended only to provide you with an indication if NBKI is likely to lend you the amount requested. It is not a commitment or an approval of the mortgage. An Agreement in Principle is not binding for either party.

The application form asks you to fill basic details about the property you are buying, your income and your residence. If you meet our initial main eligibility criteria, our team will contact you to seek more details and provide you with the Agreement In Principle. The Agreement In Principle is valid for three months if your circumstances or our lending criteria do not change.

This Agreement in Principle portal is designed only for Holiday Home Mortgage and re-mortgages. For Buy-to-Let mortgages, please contact our team directly and we will be happy to assist you with your specific requirements.

Remember, an Agreement in Principle is not a committed offer by the Bank, and you still need to apply for a mortgage if you wish to proceed.

Before you apply for an Agreement in Principle

Please ensure that:

  • You are aged 21 or over
  • You are not a resident of the UK
  • The property is not your main residence, and your intention is to utilise it for personal or direct family use during your stays in the UK
  • You have checked the Eligibility Criteria in the Holiday Home Mortgages Factsheet and Remortgages Factsheet

Failing to make mortgage payments can result in the repossession of your property.

Your recurring mortgage payments will fluctuate in line with the Bank of England base rate.

NBKI Mortgages for personal use are restricted to non-UK residents.