Talk to our award-winning free mortgage brokers at L-C now a mortgage in principle is exactly what it looks like – an indication of what a lender can in principle borrow. It remains conditional on you being able to meet the mortgage criteria in practice, and is not a promise or guarantee. Keep in mind that if any of the details you enter, if they change in principle for the mortgage during the validity period (for example, they change jobs), you may need to check with your mortgage broker or lender to make sure that your mortgage is in principle still valid, and renew the application if necessary. As with a full offer of mortgages, you can apply either through a mortgage advisor or directly from a lender. It is usually best to use a mortgage broker because he or she will have access to a wider range of mortgages that you can find on High Street or online. You can also save time this way, as your broker can immediately find you the best potential mortgage. This means that once your offer is accepted, you can simply call your broker and ask him to continue the full application instead of having to buy a little more. The mortgage survey is usually done by someone who works for the mortgage lender, and they will check the property and review the housing market to make sure the house price matches what you are trying to borrow. As a general rule, a mortgage is normally valid for up to 90 days. There is no final time you can expect to wait before getting an approved mortgage. Each step throughout the process can range from a few minutes to hours or even days.

An AIP is not the same as a formal mortgage offer, so you should always apply for a mortgage once you have accepted an offer for a property. A mortgage in principle, also known as an agreement in principle or a decision in principle, is an agreement from a mortgage lender that says they lend you a certain amount of money. There is usually no fees from a lender or broker for a mortgage in principle. Normally, a mortgage broker will only charge once your mortgage is secured (and sometimes not even then – you`ll know more about how mortgage brokers calculate). A mortgage can in principle be useful to borrowers who are concerned about meeting lenders` criteria. When you go through these first exams, you will receive an early indication if you are likely to be accepted and how much you can borrow. If you are rejected, you will have a chance to reassess your financial situation at an early stage and resolve any problems.