Obtaining a mortgage in principle should provide you with a good indication of how much you might be able to borrow before you submit a full mortgage application or make an offer on a new property.

What is a mortgage decision in principle?

When a mortgage lender gives you a ‘decision in principle’ or an ‘agreement in principle,’ they are essentially stating how much ‘in principle’ they are willing to lend you.

A mortgage in principle is not a guarantee that you will definitely be offered a mortgage, as a lender may change their decision or offer you different terms once they have received your full application and completed their underwriting checks. 

How long does a mortgage in principle last?

A mortgage in principle is usually valid for 30 to 90 days. 

In the event it expires before you need it, you can always re-apply, but be careful about requesting too many agreements in principle as multiple credit searches can lower your score. 

What is a mortgage offer?

A mortgage offer is an official confirmation from a lender that they will provide you with a mortgage.

How long does a mortgage offer last?

Mortgage offers tend to last between 3 and 6 months, but this can vary from lender to lender.

Speak to us today for jargon-free mortgage advice

We are an mortgage advisor based in Southport and covering Merseyside and Lancashire. We work with clients across the region, including Liverpool, Manchester, Bolton, Preston, Wigan and St Helens, and sometimes further afield depending on the project.

Call Us: 01704 539492

Fields marked with * are required

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

JB Financial Solutions Ltd is authorised and regulated by the Financial Conduct Authority (FCA).
Our FCA number is 531615.