An agreement in principle means that a borrower has been accepted for a mortgage, but the final agreement depends on issues such as an appraiser report and confirmation of employment. «The introduction of this new instant agreement into the Principle Tools (AIP) significantly reduces the time a client has to spend to obtain a loan decision from Halifax,» he said. With the mortgage market increasingly competitive, Halifax hopes that its new market-leading Agreement-in-Principle (AIP) tool will help its clients and continue its positive reputation in the market. In addition to the AIP, the tool guides clients through the process of completing their mortgage and provides advice and guidance on the real costs of the future. Customers can change factors such as the amount of deposits and the duration of the mortgage so they can better understand what their monthly cost will be.