What is a Mortgage in Principle?

A Mortgage in Principle (MIP) — also called an Agreement in Principle (AIP) or Decision in Principle (DIP) — is a written statement from a lender confirming that they would, in principle, lend you a specific amount based on your income and a basic credit check. It's not a guaranteed offer, but it's a strong signal to estate agents that you're a serious, credit-worthy buyer.

Do I need a Mortgage in Principle to make an offer?

You're not legally required to have one, but most estate agents in Manchester will ask for a MIP before they accept your offer. It shows the seller you're financially prepared and reduces the chance of a sale falling through. Having one ready before you start viewing houses puts you ahead of other buyers.

How long does a Mortgage in Principle last?

Most MIPs last 60–90 days. If you haven't found a property within that time, we can renew it. A lender may run a new credit check when you extend, but it's a soft search so it won't affect your credit score. We'll manage this for you so there's no gap in your coverage.

Does getting a Mortgage in Principle affect my credit score?

It depends on the lender. Some run a hard credit search (which leaves a footprint), while others run a soft search (which doesn't). We always aim to use lenders who conduct soft searches at the MIP stage to protect your credit file. We'll be upfront with you about which type of check will be made.

Can I get a Mortgage in Principle if I have bad credit?

Possibly — it depends on the nature and age of the credit issue. Minor historic problems (e.g. a missed payment 3+ years ago) often won't prevent a MIP. More serious issues like a recent default, CCJ, or IVA may require a specialist lender. We'll review your full credit picture and tell you honestly what's achievable before we apply.

How quickly can MortgageReady get me a Mortgage in Principle?

Usually the same day. After a short conversation to understand your income, expenses, and deposit, we identify the most suitable lender and submit your MIP application. Most lenders respond within hours. We'll contact you as soon as the decision is back — with a copy you can present to estate agents.

Usually Same Day

Get a Mortgage in Principle Today

House hunt with confidence. A Mortgage in Principle shows estate agents you're a serious buyer — and we can usually get one for you the same day, with no impact on your credit score.

Most MIPs issued within hours of your call

Same-day Mortgage in Principle — usually within hours
Soft credit search where possible — no score impact
MIP from top-rated lenders estate agents recognise
We choose the right lender for your circumstances
Seamless transition to full application when ready
Free service — we charge nothing for our advice

Get My MIP Today Call 0161 000 0000

Your home may be repossessed if you do not keep up repayments on your mortgage. MortgageReady is authorised and regulated by the FCA.

Get Your MIP Today

No obligation · No credit check · FCA regulated

FCA Regulated
Authorised broker
5-Star Rated
Google & Trustpilot
48-Hour Decision
Typical turnaround
500+ Clients
Manchester & beyond

The Process

Your MIP in 4 Simple Steps

From first call to certificate in hand — here's exactly how we get your Mortgage in Principle.

Quick Fact-Find

A 20-minute call to understand your income, outgoings, deposit, and the kind of property you're looking for.

Lender Selection

We choose the most suitable lender based on your profile — prioritising soft-search options to protect your credit score.

Same-Day Decision

We submit your MIP application and most lenders respond within hours. We'll contact you the moment it's back.

Start House Hunting

Armed with your MIP, you can make offers with confidence. Agents know you're mortgage-ready.

Understanding the Difference

MIP vs Full Mortgage Application

A Mortgage in Principle is not the same as a full mortgage application. It's a quick, preliminary check — useful for house hunting — but it doesn't guarantee you a mortgage. The full application happens once you have an accepted offer.

That said, a MIP from a reputable broker like MortgageReady carries real weight. We only submit MIPs to lenders where we're highly confident of a positive outcome, so there are very few nasty surprises down the line.

MIP

Quick — same day
Soft credit check
For house hunting
Not guaranteed

Full Application

More thorough
Hard credit check
After offer accepted
Binding offer

Why Choose MortgageReady for Your MIP?

We pick the right lender first time — fewer applications, less credit footprint
Soft searches where possible — your credit score stays intact
MIP documents are professional, accepted by all Manchester estate agents
When you find your home, your MIP converts directly to a full application — no starting over

Mortgage in Principle — Your Questions Answered

Need clarification? Call 0161 000 0000 for a quick, no-obligation chat.

Get Your MIP Today

Stop browsing and start bidding. A quick call is all it takes — we can have your Mortgage in Principle ready within hours.

Book Free Consultation

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

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Start House Hunting With Confidence

Get your Mortgage in Principle today and show estate agents you mean business.

Get My MIP Today All First-Time Buyer Options →

Get a Mortgage in Principle Today

House hunt with confidence. A Mortgage in Principle shows estate agents you're a serious buyer — and we can usually get one for you the same day, with no impact on your credit score.

Most MIPs issued within hours of your call

Same-day Mortgage in Principle — usually within hours

Soft credit search where possible — no score impact

MIP from top-rated lenders estate agents recognise

We choose the right lender for your circumstances

Seamless transition to full application when ready

Free service — we charge nothing for our advice

Your home may be repossessed if you do not keep up repayments on your mortgage. MortgageReady is authorised and regulated by the FCA.

MIP vs Full Mortgage Application

MIP

Quick — same day
Soft credit check
For house hunting
Not guaranteed

Full Application

More thorough
Hard credit check
After offer accepted
Binding offer