Once we have completed some initial checks, we will provide you with a KFI / ESIS and an Agreement in Principle.
The Key Facts Illustration (KFI) / European Standard Information Sheet (ESIS) – otherwise known as an illustration details the costs of the mortgage product you have chosen.
The Agreement in Principle (AIP) is a letter informing you, in principle, how much we could lend you. An AIP is valid for 4 months from date of issue by Reliance Bank. This Agreement in Principle will be subject to:
- An assessment of affordability – whether we believe you’ll be able to afford your monthly repayments
- Checking that the information you have supplied to us is correct
- A satisfactory valuation or assessment of the property to ensure it’s suitable to be mortgaged
If you’re happy with our Illustration and Agreement in Principle, let us know that you accept them and we can proceed with your mortgage application. All cases are subject to satisfactory mortgage valuation of the proposed property.
Even if you haven’t found a property yet, we can still provide an Agreement in Principle. An AIP is provided at this stage as this is based on lending against a proposed purchase price. Estate agents will require formal confirmation that an AIP is in place prior to accepting any formal offer for the property to become SSTC (sold subject to contract).
If you’re happy with our Illustration and Agreement in Principle, let us know that you accept them and we can proceed with your mortgage application.