Estate agents ask for one. Sellers expect one. But many first-time buyers aren't sure what a Mortgage in Principle actually is, or how to get one. This guide explains everything — and how to get yours today.
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A Mortgage in Principle (MIP) — also called an Agreement in Principle (AIP) or Decision in Principle (DIP) — is a written statement from a mortgage lender indicating how much they would be willing to lend you, based on your income, deposit, and credit history.
It's not a mortgage offer. The lender hasn't committed to anything at this stage — they haven't seen your documents or valued the property. But it demonstrates that a credible lender has reviewed the basics and is in principle prepared to lend you a specific amount.
Important:A MIP is not a guarantee of a mortgage. The full application can still be declined if your documents don't match what was stated, the property doesn't pass valuation, or your circumstances change.
Through MortgageReady, the process takes less than a day from start to finish. Here's how it works:
We take basic details: income, deposit, employment status, and whether you have any credit issues. This takes about 15 minutes.
We identify the most appropriate lender for your circumstances and the best available rate for your deposit/LTV.
The lender runs a soft credit check — no impact on your credit score, not visible to other lenders.
You receive your Mortgage in Principle document — typically the same day. Valid for 60–90 days.
These two documents are frequently confused. Here's exactly how they differ:
| Factor | Mortgage in Principle | Mortgage Offer |
|---|---|---|
| When issued | Before property search | After full underwriting |
| Credit check | Soft search (no impact) | Hard search |
| Time to obtain | Same day | 2–6 weeks |
| Binding on lender | No | Yes (subject to conditions) |
| Valuation required | No | Yes |
| Full documents required | No | Yes |
| Validity | 60–90 days | 3–6 months |
You need a MIP before you start viewing properties seriously — not after you've found one. Here's why:
Most estate agents require a MIP before passing your offer to a seller. Without one, your offer may not even be considered in a competitive market.
An online calculator gives you an estimate. A MIP gives you a figure a lender has actually agreed to in principle, based on your credit history and income. There can be a significant gap.
Sellers and agents take buyers with a MIP more seriously. In a competitive situation, it can be the difference between your offer being accepted and losing to another buyer.
If there are issues with your credit or income, it's far better to discover them before you fall in love with a property. We can advise on how to address them.
Not all MIPs are the same. The type of credit search matters:
When you apply for a full mortgage, a hard search is unavoidable. But at the MIP stage, a soft search gives you everything you need without any risk to your credit file.