How to get a mortgage in principle

What is a mortgage in principle?

A mortgage in principle gives you an estimate of how much you could borrow to buy or remortgage a property. It shows lenders are, in theory, willing to lend you a certain amount, which can be useful when house hunting, especially as some estate agents require one before property viewings.

However, a mortgage in principle isn’t a guarantee. It’s not a formal mortgage offer, just an indication of what you might be able to borrow. You’ll still need to complete a full mortgage application to secure an official loan.

What do I need to get a mortgage in principle?

Lenders will assess your financial situation, including your income, expenses, and credit history, to estimate how much you could borrow. You’ll typically need to provide details such as:

• Name and date of birth

• Address history going back three years

• Minimum of 3 months of income

• Your monthly expenses

• The size of your deposit

While this isn’t a full mortgage application, being prepared with accurate information can improve your chances of getting approved.

How long does it take to get a mortgage in principle?

If you have all the necessary details ready, you can usually get a mortgage in principle within an hour.

To get a mortgage in principle fast, before applying ensure you've gathered key information such as your income, expenses, and address history. While full mortgage application documents aren’t typically required at this stage, having them prepared can make the process smoother. You'll need them later when you submit a full mortgage application.

How long is my mortgage in principle valid for?

A mortgage agreement in principle is typically valid for about 90 days. This should give you enough time to look at available properties in your price range. 

If it takes you some time to find a property, interest rates and available mortgage deals on the market may have changed since your mortgage in principle was issued.

Will getting a mortgage in principle affect my credit score?

Whether it'll impact your credit score depends on whether the lender performs a hard or soft credit check. It’s important to know in advance which type of check the lender will use, as hard credit checks create a footprint on your credit file.

Multiple hard searches in a short time can lower your score and affect your mortgage application. If possible, choose a lender that uses soft searches.

A step-by-step guide to getting a mortgage agreement in principle

• Choose a mortgage broker or lender to apply for an agreement in principle. Our broker partner, Mojo Mortgages, offers a free online agreement in principle.

• Check if the lender or broker uses a soft or hard credit check, as too many hard checks can impact your score. Mojo Mortgages uses a soft credit check.

• Prepare basic personal details, along with information about your income and expenses. While documents like proof of salary may not be required at this stage, it’s helpful to have them ready.

• If you're ready to move forward, begin your application. There's no need to provide detailed income and expenditure information yet – that's only necessary for a full mortgage application.