Mortgage In Principle
Stepping onto the property ladder and into the world of mortgages? It can feel complicated. But what if you could get a clear idea of your borrowing power before you even start looking for homes? That's where a Mortgage in Principle (MIP) comes in.
What is a Mortgage in Principle?
A Mortgage in Principle, also known as an Agreement in Principle (AIP) or Decision in Principle (DIP), is a document that gives you an indication of how much you could borrow to buy a home. It’s not a formal mortgage offer, but it’s a crucial first step that shows sellers and estate agents you're a serious buyer.
Know your budget: Understand what you can realistically afford, so you can search for properties within your home buying budget.
Get your house hunt off to a good start: Show sellers and their estate agents you're ready to make a serious offer.
Speed up the process: Having a MIP helps you to move quickly and make an offer when you find your dream home.
How to get your Mortgage in Principle with Mojo
It’s simple and straightforward to get a Mortgage in Principle with us. We do the heavy lifting so you can focus on the exciting part - finding your new home.
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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 the right mortgage for you
Once you’ve had an offer accepted on your dream home, tell us all about it! We’ll compare hundreds of mortgage products across over 70 lenders to find the best fit for your circumstances.
“One of the great things about a Mojo Mortgage in Principle is that our MIPs are lender-neutral. This means you can 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. This saves you time and hassle manually researching and submitting multiple MIP applications. Start your property search sooner, and with more confidence.”
John Fraser-Tucker, Head of Mortgages
Mortgage in Principle vs mortgage offer
It’s easy to get these two mixed up, but a MIP is not the same as a mortgage offer.
Mortgage in Principle (MIP) | Mortgage Offer |
|---|---|
An estimate of how much you could borrow. | A formal agreement confirming the amount a lender is willing to lend you |
Based on initial, basic financial information. | Based on a full mortgage application and more extensive checks, including a property valuation. |
Usually just involves a soft credit check. | Involves a hard credit check. |
Does not guarantee a mortgage offer. | Confirms the lender is happy to offer you the money you need. |
Does a Mortgage in Principle affect my credit score?
Usually getting a MIP won't affect your credit score, as almost all lenders and brokers (including us here at Mojo) use a soft credit check to assess your creditworthiness. This allows the lender to look at your credit history, but doesn't leave a mark on your file.
Most lenders will only perform a hard credit check when you go through to the full application stage, though it's always best to check with the provider first before applying for a MIP.
What our customers say
"Really prompt responses, for example, when an updated mortgage in principle was needed this was done within minutes."
Laura
8 April 2025
Mortgage in Principle FAQs
A Mojo Mortgages MIP is valid for 90 days, which should give you plenty of time to find a property and make an offer. If your Mortgage in Principle expires, don't worry. Presuming your circumstances haven’t changed, it shouldn’t be a problem for you to get another MIP.
Yes, it's possible, although this doesn’t happen often. A lender might decline your full application if your circumstances change, for example, or if there are issues with the property you want to buy.
We offer extra tips in our guide on things that can go wrong with a MIP and how to avoid them.
A MIP doesn’t guarantee that you’ll get a mortgage, but it can give you a realistic idea of what you can afford to borrow. This can save you a lot of wasted effort and heartache when you’re looking for a home, as you can immediately rule out those you won’t be able to fund.
While it's not a legal requirement, most estate agents will ask to see a Mortgage in Principle before you can make an offer (some won’t even allow you to view the property without one). That’s because having a MIP shows you're a credible, financially-ready buyer.
You can begin looking for your dream home! Once you find one that you love and have an offer accepted, you can begin the formal mortgage application process. Just get back in touch with our team and we’ll help find the right mortgage deal for you.