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.