A Mortgage in Principle (MIP), also called an Agreement in Principle (AIP) or Decision in Principle (DIP), is a statement from a lender saying how much they'd be willing to lend you, based on some initial checks.
Why you need one
- Estate agents often ask for one before accepting your offer
- It shows sellers you're a serious, prepared buyer
- It tells you your realistic budget before you fall in love with a property
Does it affect my credit score?
Many lenders use a 'soft' credit search for an MIP, which doesn't affect your score. Some use a 'hard' search, which is visible to other lenders. A broker will know which is which, so you don't collect unnecessary hard searches.
How long does it last?
Usually 30 to 90 days depending on the lender. It can normally be renewed if your circumstances haven't changed.
Is it a guarantee?
No. The full application involves checking your documents and valuing the property. But a well-prepared MIP from the right lender makes a smooth approval much more likely.
Expert tip: We can usually arrange a Mortgage in Principle within 24 hours, completely free.
This guide is general information, not personal advice. Figures are correct at the time of updating and rules can change. Your home may be repossessed if you do not keep up repayments on your mortgage.
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