Approval in principle What is it?
An approval in principle (AIP) can also be referred to as an agreement in principle or a decision in principle. In simple terms this is what a mortgage provider would be willing to lend you based on the financial information you have supplied to them.
Usually the mortgage lender will supply you with a certificate stating the approval, and how much they are willing to lend you in principle
If this is not the case; your mortgage broker will be able to liase with the lender to produce a letter on their behalf stating the agreement details.