Mortgage in Principle

Your home may be repossessed if you do not keep up repayments on your mortgage.

The amount a bank or building society is ready to give you is stated in writing as a mortgage in principle (MIP). This agreement confirms you are credit worthy for the amount you need before we submit a complete mortgage application for you.

The document is typically supplied in the form of a certificate which is referred to as a decision in principle (DIP) or an agreement in principle (AIP).

The mortgage agreement is not a legal contract or even a pledge to make a mortgage payment. It’s still possible for lenders to reject your application for a mortgage under the criteria they have outlined, but it’s a valuable indication of how much you might be able to borrow.

The agreement is evidence to any estate agent that you are a serious buyer and that any offer you make on a house is reasonable and affordable, even if it is not a guarantee. When they talk to you about available properties, this will put them at ease you are a mortgageable candidate with potential to proceed.

Get in touch today to start your mortgage journey.