Get a mortgage in principle instantly, and learn how they help you get onto the property ladder. Our MIP is unique: it checks your credit history and eligibility with 18 lenders to accurately calculate how much you can borrow for a home.
What is a mortgage in principle (MIP)?
A Mortgage in Principle (MIP), also known as an Agreement in Principle or Decision in Principle, is a document from a mortgage lender or broker indicating how much they will likely lend to you for a mortgage.
Before you begin house hunting, it’s essential to get a Mortgage in Principle because, combined with your deposit, it will set your budget for purchasing your new home.
When deciding how much to offer for a new home, remember to budget for additional costs associated with buying a house. It's crucial to consider these expenses in your financial plan.
Using your mortgage Decision in Principle as a guide, it's not wise to exhaust your budget entirely when making an offer. Keep in mind that the actual amount a lender may approve could differ from your Decision in Principle during the formal application process once the lender has looked into your finances more closely.
What information do you need for a Mortgage in Principle?
To determine the amount you could borrow, we'll ask for the following details:
Your current and most recent addresses
Your employment status
Your income
Your monthly expenses, including any existing credit commitments
Don’t worry if you don’t have all this information to hand; you can save your profile and come back to it later.
When you apply for a Mortgage in Principle, we'll perform a soft credit check to determine how likely different lenders are willing to accept a mortgage application from you and if there’s anything in your credit history that may impact how much you could borrow.
Once you’ve got a mortgage Agreement in Principle, you can speak to one of our expert mortgage brokers about the next steps and how you can improve your chances of getting a good mortgage deal.
How to apply for a mortgage in principle
To get your MIP, tell us about your situation and we’ll check how much you could borrow from a range of mortgage lenders.
Who can get a MIP?
To get a MIP with us, all applicants must be:
18 or over
living in the UK
have the right to live and work in the UK
We need to know a few things about you so we can work out how much lenders would be willing to lend to you.
When applying for a mortgage in principle, we'll ask for your:
address history
employment status
salary
credit commitments
It's okay if you do not have all your information to hand. We'll save your profile as you go, so you can come back to it at any point.
You will not have to give as much paperwork or information as a mortgage application when you apply for a MIP with us.
Other lenders may ask you for:
payslips
3 years of accounts if you’re self-employed
3 months' worth of utility bills as proof of your current address
photo ID, such as a passport or driving license
Once you have the MIP, you can use it to make an offer on a home.
If the seller accepts your offer, you can apply for a mortgage with your chosen lender or broker.
How long does a mortgage in principle last?
When you get a MIP from a lender, you usually have about 3 months before your MIP expires (between 30 and 90 days).
You can reapply if it takes longer than planned to find the home you want to buy or if you find new, more competitive mortgage deals on the market since you arranged the MIP.
If your lender carries out hard credit checks, try not to apply too many times as it could damage your credit score.
Can you get a mortgage in principle from Trussle?
We’ve made getting a mortgage in principle free and simple.
You can get a mortgage in principle online at a time that suits you.
You can then print or download it to start your property search straight away.
We need to know a few things about you so we can work out how much lenders would be willing to lend to you.
You'll be asked for your:
address history
employment status
salary
credit commitments
It's okay if you do not have all your information to hand. We'll save your profile as you go, so you can come back to it at any point.
We will do a soft credit check when you've answered all of the questions.
This soft credit check will tell us if you have any black marks on your credit history that could impact your mortgage eligibility.
A soft credit check does not affect your credit score.
A mortgage expert from Better.co.uk will get in touch with you and advise you on the next steps to get a mortgage, including how to improve your credit score if necessary.
You might need a credit report if you’ve got a history of bad credit.
We’ll let you know if we need to see your credit report once you’ve answered the questions.
If everything looks good, we’ll work out how much you could afford to borrow.
We'll email you your mortgage in principle and you can download it right away.
Once the seller accepts your offer on your new home, you can add the property’s details to your profile.
This way, we can start finding the right mortgage for you.
Why get a mortgage in principle with Better.co.uk
We’ve made getting a mortgage in principle free and simple.
You can get a mortgage in principle online at a time that suits you.
You can then print or download it to start your property search straight away.
Getting a mortgage in principle with us is easy and will set you up nicely for when you go to make an offer on your dream home.
Here’s why:
We run a soft credit check to see your eligibility with 18 lenders
Our MIP accurately calculates how much you could borrow from those lenders
Getting a MIP with us is free and simple to do
Once you’ve set up your profile with us you can come back to it whenever you want to update your MIP
Get a mortgage with Better.co.uk today
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