Agreement In Principle

On this screen, answer a few questions regarding your mortgage needs. This is essential to determine the product offering defined by Configuring the Banking Product Factory.

Fill in the following:

Field

Mandatory

Description

Nr of applicants

Mandatory There are two buttons labeled 1 and 2 for the number of borrowers.

Estimated Property Value

Mandatory

Move the slider to adjust the sum by dragging the slider or by manual input in the field above the slider. The minimum is 10000 and the maximum value is 15 million pounds. The default value is 300000 pounds.

In case you manually input an amount lower/bigger than the minimum/maximum amount permitted, a toast message is displayed.

NOTE  
The default value for this slider can be edited by the bank within Configuring the Flow Settings.

Down payment

Mandatory

In this field, the system calculates:

Your Loan amount will be

N/A

The system displays the loan amount based on the estimated property value and the deposit amount.

Mortgage Period

Mandatory

By default, the value is 25 years. The value is calculated by getting the available products within Banking Product Factory: the minimum and the maximum period from all of the products defined there.

Repayment type

Mandatory

Choose between:

  • Equal instalments
  • Equal principal payments
  • Only interest.

Preferred Interest type

Mandatory

Choose between:

  • Fixed
  • Tracker.

Are you eligible for a green mortgageClosed A green mortgage is a mortgage which offers a lower interest rate to people who are buying a more energy efficient home. In most cases, to qualify for a green mortgage, you need to be buying a home with a Building Energy Rating (BER) of at least B3 or higher.?

N/A

Toggle this field to get a green loan.

Hover over the tooltip to expand the definition of a green mortgage.

NOTE  
For technical details, see DIP.

Click Continue. After clicking this button, the system determines the available products for the current configuration. The loan amount, period, LTVClosed The loan-to-value (LTV) ratio is a measure comparing the amount of your mortgage with the appraised value of the property., interest type must be compared to the available parameters for all products. If the value for these parameters inserted by the customer are not within the limits of the products, then no products can be offered.