Shared Ownership Mortgage Agreement in Principle

Agreement in principle or full application

You can apply for a Shared Ownership mortgage agreement in principal when:

  • you have been offered a property or asked by the housing association/seller to obtain an agreement in principle and need to find a mortgage
  • or are looking at specific properties and may need a mortgage soon

Use our Mortgage Comparison tool to search for mortgages from across the market, and when you see an offer you are interested in, you can contact the lender directly or contact a specialist Shared Ownership mortgage broker.

If you are just researching potential costs for a Shared Ownership mortgage, and do not yet have any specific properties in mind, you should generally use our Shared Ownership mortgage calculator and submit an agreement in principle further down the line.

What is an agreement in priniciple?

An Agreement in Principle (AIP) is also known as a mortgage in principle or a Decision in Principle, or mortgage promise. Essentially, an agreement in prinicple is a statement from a lender saying that they’ll lend a certain amount to you for the purposes of buying a home. It is an estimate, subject to further checks by the lender, and is not biding.

The lender will make an offer of an Agreement in Principle after assessing your income and outgoings, and the amount you wish to borrow.

How long does an agreement in principle last?

An Agreement in Principle is valid for 90 days. After the 90 days expires you need to apply for a new Agreement in Principle.

How do I find a Shared Ownership mortgage?

If you are ready to search for a mortgage, you can use the Share to Buy Shared Ownership mortgage comparison tool to compare Shared Ownership Mortgages from across the market.