Halifax has unveiled a mobile Agreement in Principle (AIP) tool which it claims lets customers to receive an instant lending decision in under 15 minutes.

The tool is also available on tablet and desktop.

The Agreement in Principle (AIP) tool has been designed to ensure customers are aware of exactly what they can afford when looking for a property.

The process enables customers, to obtain a lending decision on the move, such as on the way to a house viewing. Halifax said that as the lending decision is based solely on information relating to the person(s) applying for the AIP there is no requirement to enter property details such as value or deposit amount. Customers just need to enter information about their circumstances, income and commitments to receive a lending decision.

Once the lending decision has been obtained customers are able to use a calculator to edit the term and deposit amount to illustrate the impact this has on their monthly repayments. Indicative costs such as stamp duty and legal fees are displayed to the customer to demonstrate the extra costs associated with buying a property to ensure they are aware of everything they need to budget for. The lending decision will then be emailed to the person(s) applying along with information about next steps in the mortgage process. The customer also has an option to send the lending decision to their estate agent and/or family member.

Craig McKinlay, mortgages director at Halifax, said: “The launch of this new instant AIP tool significantly reduces the amount of time a customer will need to spend to obtain a lending decision from Halifax. Being able to complete the application while on the move on both mobiles and tablets helps our customers fit the process around a hectic schedule.

“We are continually exploring ways in which we can serve our customers in the way that best appeals to their needs and this new offering further cements our reputation as the bank who gives our customers extra.”