A mortgage in principle is a written estimate from a lender showing how much they may be willing to lend. It is not a mortgage offer, but it tells you where you stand before you start viewing properties and shows estate agents you are a serious buyer. Here is exactly what it is and how to get one.
A mortgage in principle (also called an agreement in principle or AIP) is a lender's written estimate of how much they would be willing to lend you. It is based on your income and a credit check. It is not a mortgage offer and it does not lock you in to anything. What it does is tell you where you stand before you start viewing properties, and it shows estate agents you have actually checked your finances rather than just guessing. Most certificates last 30 to 90 days.
Most people start viewing properties before they have any idea what a lender will actually offer them. That is the wrong order. A mortgage in principle fixes that. You tell the lender your income, they run a credit check, and within 24 to 48 hours you have a written figure. Not an exact offer. A working number. One you can actually use.
Estate agents ask for one before accepting offers on a property. Some will not even arrange viewings without one. Having a mortgage in principle sorted before you start looking means you are ready to move when the right property comes up, rather than scrambling to get one in place after you have already made an offer. The mortgage in principle meaning in practice: it is your proof that you are a serious buyer, not a tyre-kicker.
Different lenders use different names: mortgage in principle, agreement in principle (AIP) and decision in principle (DIP) are all the same thing. An initial written indication of how much the lender may be willing to lend, based on your income and a credit check, before a full mortgage application is submitted.
Most mortgage in principle certificates are valid for 30 to 90 days. After that they expire and you need a new one. This is not a problem in practice. Getting a new mortgage in principle takes the same amount of time as the original. The new one may come back slightly different if rates or lending criteria have shifted, or if your own income or credit position has changed since the first one was issued.
If you are still searching after 90 days, just get a fresh one. There is no limit on how many you can have, particularly if you are using a soft search. The expiry is not a penalty. It is just the lender's way of saying their initial assessment is only accurate for a defined window.
This is the most common misunderstanding. The in-principle gives you a number. The full mortgage application is where the lender actually verifies everything: payslips, bank statements, full credit history, and a valuation of the specific property. If anything has changed since the in-principle was issued, or if the property throws up a problem, the final offer can differ. Do not make a purchase decision based solely on what the in-principle says.
Whether a mortgage in principle affects your credit score depends on one thing: which type of credit search the lender runs. There are two. They work differently.
Most brokers and many lenders use a soft search for a mortgage in principle. A soft search does not leave a mark on your credit file and cannot be seen by other lenders. You can get multiple soft-search mortgage in principles without any impact on your credit score. This is the right type to use when shopping around or checking affordability before you are ready to make an offer.
Some lenders run a hard search for a mortgage in principle. A hard search leaves a footprint on your credit file that other lenders can see. One hard search is unlikely to affect your mortgage prospects, but multiple hard searches in a short period can look like you are desperate for credit. Always ask whether the search will be soft or hard before proceeding.
Woodhall Mortgages is a whole-of-market, FCA-authorised mortgage broker (FRN 762513) based in Halifax, West Yorkshire. We arrange mortgage in principle certificates using a soft search and cover the full market so you see which lenders are most likely to offer suitable terms for your circumstances. We also advise on first time buyer mortgages, remortgages, JBSP mortgages and the full range of mortgage products.
This is the most practical question to ask before agreeing to a mortgage in principle. The mortgage in principle soft search is what most brokers use. It leaves no record. A hard search leaves a footprint. Here is the difference at a glance.
| Feature | Soft credit search | Hard credit search |
|---|---|---|
| Leaves a mark on your file | No | Yes |
| Visible to other lenders | No | Yes |
| Affects your credit score | No | Possibly if several in a short period |
| How many can you have | Unlimited | Best kept to a minimum |
| Woodhall Mortgages uses | Yes, soft search only | No |
Always confirm which type of search will be run before agreeing to a mortgage in principle with any lender directly. One hard search is fine. Several in a short window can raise questions.
Woodhall Mortgages arranges mortgage in principle certificates using a soft search across the whole market. No fee for the initial discussion.
Get a Mortgage in PrincipleReviews and testimonials reflect individual experiences and do not guarantee outcomes.
Woodhall Mortgages arranges mortgage in principle certificates using a soft search across the whole market. No fee for the initial discussion. Have your income details ready and we can usually turn this around the same day.
Your home may be repossessed if you do not keep up repayments on your mortgage. A mortgage in principle is not a guarantee of a mortgage offer. A £299 broker fee is payable on a successful mortgage offer. We may receive commission from lenders.
Get a Mortgage in PrincipleWoodhall Mortgages is authorised and regulated by the Financial Conduct Authority (FRN 762513). Woodhall Mortgages is a whole-of-market mortgage broker. A mortgage in principle is not a mortgage offer or guarantee that a mortgage will be approved. Your home may be repossessed if you do not keep up repayments on your mortgage. A £299 broker fee is payable on a successful mortgage offer; this fee is non-refundable once the offer has been issued. We may receive commission from lenders.
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