How long does a mortgage agreement (AIP) last?

Once the agreement has been 'locked down' it will be valid for a period of six months

Once an agreement is principle is set up, it will be valid for six months. Foxes will gather all the relevant documentation to establish an AIP from a lender. It is then up to you to accept it or not. Only on acceptance will we charge our fee and introduce you to the lender. Once the agreement has been 'locked down' it will be valid for a period of six months.

If the AIP expires before you have found a property, the bank usually will be able to re-verify it upon receiving additional and updated documentation. You will require an updated credit report, bank statements and pay slips. This will only be the case if the financial situation of the client has not changed (i.e income and debt levels remain the same as the time of application).