Lloyds Bank recommends 'ten-minute' check for first-time buyers

Lloyds Bank recommends 'ten-minute' check for first-time buyersThe bank said customers looking to buy could complete the check without affecting their credit scoreCommentsMoneyAmber O'Connor Money and Lifestyle reporter U35s14:27, 15 Apr 2026View 3 ImagesThe check could give you a better idea of what properties you can afford (stock photo)(Image: Getty)Lloyds Bank has highlighted a 'ten-minute' check available for first-time buyers. The bank explained that an Agreement in Principle (AIP) is the first step toward getting a mortgage, as it shows how much you could borrow before you apply. It added that an AIP takes about ten minutes to complete and does not affect your credit score.‌In an advert shared via the bank's Instagram account, Lloyds told social media users: "You could unlock your first home by borrowing up to 5.5x your income." The post explained: "See how much you could borrow with a mortgage Agreement in Principle.‌"It takes about ten minutes and won't affect your credit score." In a note displayed at the bottom of the post, Lloyds added: "Conditions apply. You could lose your home if you don't keep up your mortgage repayments. Lending is subject to status."‌First-time buyers can find out more information on the banks' website. Lloyds said: "An Agreement in Principle (AIP) confirms how much you could borrow from a lender before you apply for a mortgage. You might also know them as a mortgage in principle, decision in principle or mortgage offer in principle."If you’re in the market for a new home, an Agreement in Principle can give you a better idea of what properties you can afford. In many cases, estate agents will ask to see an AIP before they show you a property. This shows them you’re serious about buying.View 3 ImagesThe bank shared a post for first-time buyers (stock photo)(Image: Getty)‌"Once you've got your AIP, you can make a full mortgage applicat...