What Is a Mortgage in Principle and How to Get One?

If you’re planning to buy a home in the UK, getting a mortgage in principle is one of the first and most useful steps you can take. It gives you a clear idea of how much you can borrow and helps show sellers and estate agents that you’re a serious buyer. Here’s what it means, why it matters, and how to get one.

What Is a Mortgage in Principle?

A mortgage in principle (also called an Agreement in Principle or Decision in Principle) is a document from a lender that shows how much they’re willing to lend you based on a basic assessment of your finances. It’s not a guarantee of a mortgage, but it gives you a rough borrowing limit you can use when house hunting.

Most estate agents will ask if you have one before accepting an offer, especially in competitive markets. It signals that you’re ready to move forward and have already taken the first financial steps.

Why Is It Useful?

Having a mortgage in principle offers several benefits:

• Clarity on your budget: You’ll know how much you can realistically afford before you start viewing properties.
• Credibility with sellers: Estate agents and sellers are more likely to take your offer seriously if you already have one in place.
• Speeds up the buying process: Once your offer is accepted, you’ll already be partway through the mortgage application process.

It’s a practical tool, even if you haven’t chosen a specific property yet.

What Information Do You Need?

To get a mortgage in principle, you’ll usually need to provide:

• Your name, address, and date of birth
• Employment status and income
• Details about your regular spending and debts
• An idea of your deposit amount
• Basic credit check authorisation (this may be soft or hard, depending on the lender)

Some lenders can offer one within minutes online, while others may ask for more details over the phone or in person.

Does It Affect Your Credit Score?

Some lenders run a soft credit check which does not impact your credit score. Others may do a hard check, which leaves a mark on your credit file that other lenders can see. Always check with the lender or broker beforehand, especially if you plan to apply with more than one provider.

If you’re just starting out, look for lenders that offer soft checks to avoid multiple hard searches.

How Long Does It Last?

A mortgage in principle typically lasts for 60 to 90 days. After that, you may need to reapply if you haven’t found a property yet. If your circumstances change — such as a new job or a shift in your financial situation — it’s worth getting an updated version.

How to Get One

You have a few options:

1. Direct from a lender
Many banks and building societies offer mortgage in principle applications online, over the phone, or in branch.

2. Through a mortgage broker
A broker can help you compare lenders, find the best deal, and arrange your mortgage in principle. They’ll also help you understand which lenders are more likely to accept you based on your financial profile.

3. Online mortgage tools
Several websites offer quick checks that result in an instant mortgage in principle. These are especially useful if you’re just getting started.

Final Thoughts

A mortgage in principle is an important step in the home-buying journey. It shows how much you might be able to borrow and proves to sellers that you’re ready to make a move. It’s quick, free in most cases, and gives you confidence when viewing properties.

Thinking about getting one? Start by checking your credit score, gathering your financial details, and comparing a few lenders or speaking to a broker.