Get a Mortgage-in-Principle in 20 Minutes or Less!

Mortgage in Principle

Get Mortgage ready today – whether a first time buyer, a home mover or looking to remortgage, you can get started and get into prime position with an agreement in principle.

If you have your eye on a new property or remortgaging, a decision in principle will help you understand how much you can borrow, what the costs look like and what you are able to afford.

• Quick affordability checks
• 20 minutes for a decision in principle
• Understand how much you can borrow
• What does your mortgage look like!

If purchasing a property, a decision in principle makes you a stronger buyer. It means you know your costs, you are ready with the mortgage and are you are actively buying in that price range. If negotiating a price, this illustrates you can move faster and have had your affordability initially accepted by the lender.

Really recommend the team. The portal for uploading documents is also very easy to use!

Need a Mortgage in Principle and Not Sure How To Proceed?

Having a clear understanding of what you can afford with help you with viewing properties, knowing what you can and cannot afford. It is not compulsory to have an offer in principle in order to view properties with an Estate Agent, or another method, but it absolutely shows the seller that you are serious about buying. This also means you are able to make an offer as soon as you find the property you like.

Are you looking for a mortgage in principle but are feeling uncertain about how to get started? It can certainly be confusing and there are often some misconceptions around this topic. Don’t worry – we are experts in this subject area, and in all aspects of getting a mortgage, and we are here to help you.

You might be wondering:

• What is a decision in principle?
• What are the pros (and cons) of having an offer in principle mortgage?
• Does having an agreement in principle mortgage guarantee you will get a mortgage?
• Do you need a mortgage in principle in order to get a mortgage?
• How do you get a decision in principle?

We will cover all of this, and more, to ensure you are fully armed with the expert knowledge you need to get started on your mortgage journey.

Really recommend the team. The portal for uploading documents is also very easy to use!

Unlock the best rates on the market with our expert guidance… absolutely free! Our award-winning advisors are here to get you mortgage-ready today.

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Mortgage in Principle – Everything you need to know

So, you may have heard the term ‘mortgage in principle’ (also often abbreviated to MIP) and you may also have heard some similar sounding terms. Let us clarify for you:

• Agreement in principle
• Agreement in principle mortgage
• Offer in principle
• Offer in principle mortgage
• Decision in principle
• Decision in principle mortgage

All of these are just different terms for the same thing.

What’s the Difference Between a Mortgage in Principle and an Actual Mortgage Offer?

Can I get an mortgage in principle with The Mortgage Broker?

Yes.

Buying a property is stressful enough, worrying about the mortgage is something you simply don’t need to have on your plate. Whether a first time buyer, an experienced property landlord or are looking to move home, our team at The Mortgage Broker are focused on getting you mortgage ready in the fastest and simplest way possible.

Our goal is to ensure you understand your financial position clearly, with transparent advice and thorough searches of the mortgage market options available, so that we can get you that offer in principle and put you in a strong position for your property purchase.

With some simple information, we can access lenders, and understand if they are willing to provide an offer in principle to you, based on your financial position.

Therefore, to answer the question, can you get an mortgage in principle? You simple speak with our expert mortgage advisers so we can understand the income of all the applicants (if there is more than just you buying), how much deposit you have and how much you are looking to borrow. With this we can assess your affordability and eligibility against different lenders criteria and then assess whether you can get an offer in principle. This can be done with out the need for looking at your credit file, and all documentation if we are confident you have provided the information. However, this will all be required for a full mortgage application.

You don’t necessarily need to know how much you want to borrow if you haven’t yet found a property. We can advise you how much you may be able to get via a mortgage and the costs associated with this, with all other costs such as stamp duty considered in our affordability checks. We can then get an offer in principle for you, so you are mortgage ready.

The Mortgage Broker have over 12,000 mortgage products available to us across our panel of 96+ Lenders, and we understand which Lenders criteria may suit your circumstances best. If we can get your information up front as efficiently as possible, then we can quickly determine the right lender that fits your needs and apply for an offer in principle within a very short time frame.

What steps does a mortgage broker do to get an offer in principle?

Once our mortgage advisers gets the basic information from you, such as income, employment status, deposit, goals etc, the steps taken to get an offer in principle are typically as follows:

• Research Lenders

Searching the market for the best rate, and most suitable mortgage for your situation is key to a successful mortgage in principle. This will ensure that only the lenders that will support your product needs are considered.

• Application

The Mortgage Broker are integrated with Halifax and can get you an offer in principle within 15 minutes. We have over 12,000 other products that we can quickly search, and we can complete an application for you via our service and platforms. Of course, we also have years of relationship building and creditability behind us, so we do it online, but also speak over the phone directly if required.

• Credit Check

The lender will always perform a credit check when assessing the viability of your mortgage application. For an offer in principle, this is often just a soft check, but our team of advisers all know exactly which lenders do what and will advise you on this. The credit check is an important part of the process to establish creditworthiness and helps the lender to determine how much they are willing to lend you.

• Assessment

The lender will assess all the information that we provide them. This process is becoming increasingly digital and it is imperative that the information is presented correctly to ensure the best chance of finding the most cost-effective mortgage offer in principle.

• Decision

If all is successful with the information and application, then the lender will provide you with an offer in principle. This essentially outlines an initial acceptance based on the facts and illustrates how much the lender is willing to lend you.

The decision in principle is not a guaranteed offer of a mortgage. It is an indication of how much the lender is willing to lend you, but this is always subject to further checks and assessments by way of an income and expenditure budget review. This is why is is so important to use a mortgage broker when applying for a decision in principle, to ensure that you are presented correctly, and are applying to lenders that we know will follow through with their initial decision based on the criteria they have and your financial circumstances.

Do I have to get a decision in principle to make an offer on a property?

This depends on the method of your property purchase. It is becoming more and more common, that properties are being bought and sold via online auction. If you are purchasing through an online auction, more recently known as the Modern Method of Auction, then you are required to have a decision in principle before making an official bid. This is because you are expected to complete within 56 days and you must be mortgage ready to make this commitment.

Generally speaking though, it is not a requirement to have a mortgage offered in principle in order to make an offer on a house. Estate agents and sellers will take you more seriously as a buyer, but it is not normally a requirement. Sellers can stipulate that they require you to prove you have a decision in principle before considering your offer.