See more on how these agencies might use your information. The CRAIN is available on the credit reference agencies’ websites. The Credit Reference Agency Information Notice (CRAIN) describes how the three main credit reference agencies in the UK each use and share personal data. If false or inaccurate information is provided to us and fraud is identified, details may be passed to credit reference and fraud prevention agencies to prevent fraud and money laundering and to verify your identity. Once you open an account with us, we will share account data with the credit reference agencies on an ongoing basis. If fraud is detected, you could be refused certain services, finance or employment. These agencies may in turn share your personal information with other organisations. We do this to assess creditworthiness and product suitability, check your identity, manage your account, trace and recover debts and prevent criminal activity. In order to process your application, we’ll supply your personal information to credit reference agencies and fraud prevention agencies and they will give us information about you, such as about your financial history. Credit reference agencies and fraud prevention agencies You can read more detailed information on how and why we use your information, including the rights in relation to your personal data, and our legal grounds for using it. We may also share your information with our trusted third parties for these purposes. We’ll use your information for a number of different purposes – for example, to manage your accounts, to provide our products and services to you and others and to meet our legal and regulatory obligations. We’re committed to protecting your personal data. How will the information I provide for an AiP be used? Have less than 3 months' employment history.Been refused for a mortgage or had a home repossessed in the past 6 years.Had a County Court Judgment for debt that you haven't repaid within the past 6 years.Been issued with a bankruptcy order in the past 6 years.So it may affect our decision to lend if you have Just remember that if you apply for a mortgage, we'll ask you detailed questions about your credit history. Find out why it's a good idea to understand the mortgage lending rules we have to follow. Depending on your circumstances, we might need to speak to you before we offer you an AiP. You might be able to get an AiP even if you know you've had some money problems in the past.

Can I get an AiP if I’ve had money problems in the past?

If you apply for a mortgage, we'll need to check your income, credit history and financial circumstances, and consider whether you can afford the mortgage payments both now and in the future. Does an AiP guarantee I’ll get a mortgage?Īn AiP doesn’t guarantee you can get a mortgage, but it will give you an idea of whether we'd be willing to lend the amount you need. We don’t check your full history with credit reference agencies until you apply for a mortgage. Instead we ask credit reference agencies to confirm whether certain details you enter on the AiP form match what they hold on your credit file. Unlike making a mortgage application, we don't run a full credit check on you for an Agreement in Principle. Does a mortgage in principle affect your credit score?Ī mortgage in principle doesn’t affect your credit score’. Then, with your consent, we’ll check your full credit history with credit reference agencies. If you decide to apply for a mortgage, we’ll ask you more detailed questions about your finances to see how much you can borrow from us.

It’s an indication that we could lend a specified amount, based on details you’ve provided about your income, spending and debts. Some lenders call it a mortgage in principle. What does an AiP mean?ĪiP stands for ‘agreement in principle’ for a mortgage. It's a good idea to complete another AiP if any of those details or your circumstances change, as it could affect your AiP outcome. How long does an Agreement in Principle last?Īssuming there's no change to the details you've given us about your income, regular spending and any debts you might have, your AiP will last for 90 days.

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