Get your mortgage in principle
Not sure what a MIP is? Or where to get one? At Mojo Mortgages, we're here to help. We qualify almost 500 expert-verified MIPs each month, helping our customers kick-start their mortgage journey.
Get a mortgage in principle online for free.
Find out how much you might be able to borrow
Compare your eligibility & check your borrowing power across lenders
Soft search check with no impact on your credit score
Get your expert-verified MIP, absolutely free
Last reviewed by John Fraser-Tucker on 17th April 2025
What is a mortgage in principle?
A mortgage in principle (MIP) is a document providing an indication of how much you could borrow to buy a property, which means that it's an exciting first step in your house buying journey.
A MIP works in largely the same way as an agreement in principle (AIP), decision in principle (DIP), or a mortgage promise and the terms are often used interchangeably by some lenders and brokers. It helps you focus your search on a home that’s affordable to you. It can also be a necessary document during your house hunt, as many estate agents now won’t allow you to view a property (let alone make an offer) without a MIP.
How to get a mortgage in principle
You can apply for a mortgage in principle with a broker like ourselves, or directly with a lender. When you get a lender-neutral MIP from a broker you’ll find out your maximum borrowing potential across a wider range of mortgage providers, rather than simply getting an idea of how much you could borrow from just one lender.
Your broker or lender will assess your financial situation, including your income, expenses and credit history, to estimate how much you could borrow.
Apply for a free MIP with Mojo Mortgages
We provided over 5,800 expert-verified MIPs to help customers understand their borrowing potential last year - can we help you, too?
Here’s how to get a MIP from Mojo:
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Tell us a bit about you
Get started by filling in your details online, such as your personal information, details on your current income and expenses, your mortgage needs and current deposit. Then, book an initial appointment to go through your options with one of our brokers.
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Get your free Mortgage in Principle
We’ll check your eligibility and borrowing potential across a wide range of lenders to provide an expert-verified MIP. We use a soft credit search, too, so there’s no impact on your credit score.
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Find your perfect property and put in an offer
Start your property search armed with your MIP and an idea of how much you might be able to borrow.
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Talk to us when you’re ready to apply for a mortgage
Tell us all about your dream home! Our qualified mortgage advisors will compare hundreds of mortgage products across over 70 lenders to find a deal to suit you.
Ready to get one step closer to buying your dream home?
Ask our experts: Do I need a mortgage in principle?
“Technically you don’t need a MIP, but it’s handy to have during your property search and you might even struggle to get an offer accepted without one. That’s because, without a MIP, you don’t really know how much you could borrow. Though a MIP isn’t the same as an official mortgage offer, getting a MIP can be an exciting milestone moment for buyers!"
Stuart Bowman, Mortgage Expert
Why should I get a MIP from Mojo?
We compare your options from a wide range of lenders, providing you with a view of your maximum borrowing potential and boosting your chances of securing a MIP.
Getting a mortgage in principle directly from a bank or building society could give you an idea of how much that specific lender might offer. However, all lenders have different criteria and attitudes to risk so you may be offered more from one lender than another.
Instead of manually applying for and comparing lots of MIPs with different lenders, why not let a broker do the hard work for you? We’ll check your eligibility and affordability against the criteria of multiple lenders to help you get the best MIP for your needs.
When should I get a mortgage in principle?
A mortgage in principle is most relevant for first-time buyers and home movers, and you should always look to get a MIP before you start your house hunt!
Most estate agents tend to ask for a mortgage in principle before they will set up a property viewing - especially in Scotland, where it’s essential. It’s, therefore, a good idea to have a mortgage in principle ready before you begin your home search.
Someone looking to remortgage may also find it helpful to get a MIP, as it might help you to assess your eligibility if you’re looking to borrow more, or if your financial situation has changed significantly since you bought your home or last remortgaged.
“With dozens of lenders available, it’s nearly impossible to determine how much you could borrow from each one without a broker’s help. Rather than manually submitting multiple MIP applications, working with a broker allows you to complete just one application and gain insight into your borrowing potential across a wide range of lenders.”
Helen Lovell, Mortgage Expert
What happens after I get a mortgage agreement in principle?
After you get a mortgage in principle, you can begin looking for your perfect home! Once you’ve found one that you love and had an offer accepted, you can begin the formal mortgage application process.
This can either be directly with the lender, or if we’ve done your MIP for you, we can sort out your application for you too. Getting a MIP is often the starting point in your homebuying journey but our brokers will be there for you every step of the way.
92% of first-time buyers who got a MIP through us and submitted a mortgage application last year successfully received a formal mortgage offer.
A Mojo mortgage in principle lasts for 90 days. But, if it takes you a little longer to find a property and put in an offer, don't worry. Presuming your circumstances haven't changed, it shouldn't be a problem for you to get another MIP if your first once expires. You can get a MIP as many times as you like - just make sure your lender or broker uses a soft credit check so getting a mortgage in principle doesn't affect your credit score.
What our customers say
We were able to get a mortgage in principle sorted in a quick time that has now allowed us to purchase our first home!
David
4 December 2024
More helpful tips and guides
Read some of our highlighted articles below, or check out our mortgage guides for our latest insights and analysis.
Mortgage in principle FAQs
It’s usually free to get a mortgage agreement in principle. Any fees and charges generally only apply after you’ve received an official mortgage offer.
A mortgage in principle (MIP) and an agreement in principle (AIP) are very similar, and the terms are often used interchangeably. Ultimately, they both represent the exciting first stage of getting a mortgage.
With both a MIP and an AIP, a soft credit check is usually used to assess your eligibility and affordability to give you an indication of what size of mortgage you might be able to get.
There is a key difference between a lender AIP and a MIP prepared by Mojo Mortgages, though. A lender will assess your information against their own specific criteria, before deciding how much (again, in principle) they may be willing to lend you should you go ahead with a full application. Whereas here at Mojo, a mortgage in principle is prepared by a qualified broker to give you an idea of your borrowing power across a range of lenders. This allows us to provide you with a lender-neutral certificate that details the maximum amount you may be able to borrow in principle.
Yes, it can, although this doesn’t happen often. It’s usually when you’re either unaware of something on your credit report or unable to prove your income to the lender’s satisfaction.
There could also be issues if any of the following happens after you get your mortgage in principle, but before going to full application stage:
You changed jobs
Your income goes down, or outgoings go up
You take out additional credit
You miss payments on current credit commitments
Finally, it’s possible that your chosen property is unacceptable to the lender. For example, following the property valuation, they might not think what it’s worth you’re intending to pay for it.
Having a helping hand from knowledgeable and experienced mortgage experts can be invaluable in getting past these types of hiccups in your home ownership journey. For example, if Mojo is your broker, we’ll do everything we can to get you the full story about your rejection.
No it’s not. A mortgage agreement in principle estimates what you might be able to borrow in principle (hence the name), based on basic financial checks and assuming you meet the lender’s criteria.
A mortgage offer is a formal agreement confirming the amount a lender is willing to lend you. This is only issued once you’ve submitted a full mortgage application and the lender has carried out detailed checks to assess your suitability.
Yes, it’s possible, although in some parts of the UK estate agents won’t allow you to view the property or make an offer on it without one.
Having a MIP to hand can also increase the gravitas of your offer. Many sellers will feel more confident if they know that your offer is a serious one if you’ve gone to the trouble of getting an MIP from a lender and should be able to provide the funds to buy their property.
*All data shown is from Mojo Mortgages' own customer records