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At the first instance, I made my mind just to rent a property for some time. When I started exploring the locality of Harrow & Brent, I learnt that the rent is higher than the mortgage, which I may be required to pay in the United Kingdom. After discussing with loads of people, I concluded my theory of owing a home than renting an apartment.
When all these things were finalised, I prepared myself with the Rest of LTV or the Initial Payment or Down Payment for my property after understanding the market situation in Harrow. But was confused about the eligibility and documents required. Since I was graduated in the United Kingdom and was holding a Bank Account and Credit Card technically since then, my credit score was pretty good. Also, during all my visits to the UK, I use to spend in GBP with my card and it, in turn, increased my score.
Initially, when I approached various Estate Agents, they were asking for AIP. I wasn’t aware of what it was and later came to know Application in Principle approval for the mortgage. I was asked for an appointment by the Financial Advisors of the Estate Agents for sorting this AIP. But I made all my way to HSBC with whom I was Banking since my Uni days. They were generous enough to give me an AIP for £780,000. On the other hand, I went to LLOYDS Bank too, and they also were in touch with me for offering the Mortgage. They ably provided an AIP for £975,000.
With these two AIPs, I moved for the Property Hunting on a High Priority. I decided out that I can stay in a Hotel Accommodation (Bed & Breakfast) until the Home/Flat/Maisonnette is sorted out because most of them demanded a term greater than 6 months. If it was just a room, it was available for 1 month or so which I was not comfortable on various terms like shared kitchen, shared bath and shared toilets.