How long does a mortgage in principle last?
A Mojo Mortgages mortgage in principle (MIP) is valid for 90 days, giving you plenty of time to search for your dream home and make an offer. But what happens if your MIP expires before you find the right property?
In this article, we explain how to extend or renew your MIP, and what to do if your circumstances change.
Looking for a mortgage?
Free expert advice about your needs and the current market
Clear mortgage recommendations with access to 70+ lenders & mortgage broker exclusive products
Author - Luke Hollingdale Editor - Stuart Bowman
Last reviewed on 26th March 2025
A quick summary
A mortgage in principle is a document providing an indication of your maximum borrowing limit, helping you understand how much you might be able to borrow for a property
A MIP usually lasts between 30-90 days, depending on which broker or lender you get it from
For the majority of people, 90 days gives plenty of time to find a property and make an offer. 83% of our customers received their mortgage offer within 90 days of getting a MIP from us
If you don’t find a property and submit a mortgage application within 90 days, you can usually renew or extend your mortgage in principle if your financial circumstances haven’t changed
There are no limits to the amount of MIPs you can apply for - just make sure only soft credit checks are used so your credit score won’t be impacted
Your mortgage in principle, sometimes known as an agreement in principle or decision in principle, is usually valid for 30 to 90 days.
A MIP is used to give you an idea of how much you could borrow, and to show estate agents you’re a serious buyer. You only really need a MIP to help you kick-start your property search. Once you’ve found a dream home and put an offer in, it’s time to submit a full mortgage application. At this point, your MIP is no longer relevant as your chosen lender will begin to conduct more in-depth checks as part of the application process.
64% of house hunters submitted a full mortgage application within just two weeks of their first broker appointment.
But don’t worry too much if your property search takes longer than expected and your MIP expires. You can choose to renew your MIP or apply for a new one. As long as your circumstances haven’t changed too much in the meantime, you should be able to get a MIP for the same amount as before.
Get an expert-verified mortgage in principle
Our mortgage advisors will check your eligibility across a wide range of lenders to find out your maximum borrowing potential.
What happens if your mortgage in principle expires?
The majority of people are able to find their dream property and submit their mortgage application before their MIP expires, so don’t worry too much. It takes, on average, 52 days for customers to receive a mortgage offer after getting a mortgage in principle.
As you don’t technically need a mortgage in principle to look for properties or make an offer, nothing really happens if your MIP expires. However, you won’t have an up-to-date, accurate idea of how much a lender may be willing to offer you so you could end up wasting time searching for properties outside your budget.
It should be fairly straightforward to get a new MIP or renew your existing one if your MIP expires. However, lenders or brokers may run fresh affordability checks, so if your circumstances have changed, the amount you’re offered could be different or you may not be approved at all.
“Home buyers are understandably apprehensive about how long the process will take, but you might be surprised. 83% of customers received their formal mortgage offer less than 90 days after getting a MIP. So within just 90 days, the majority of customers are able to put in an offer for their dream home, submit a mortgage application, successfully pass their lender’s in-depth affordability checks and property valuation and receive an offer. Sounds like a lot to do within 90 days but, with a broker’s support, the process can be much more straightforward as you’ll have an expert on your side from start to finish.”
Adil Choudry, Mortgage Expert
Can I extend my mortgage in principle?
Yes, many lenders and brokers offer the chance to extend or renew your mortgage in principle. To do this, contact your broker or lender and provide any updated documentation or information required. They may choose to reassess your affordability; however, if nothing has changed financially, they’ll usually reissue a MIP without much hassle.
How many times can you apply for a mortgage in principle?
There’s no limit on the amount of times you can apply for a mortgage in principle, either with the same lender or different ones. Provided the broker or lender you choose only uses a soft credit check, getting a new MIP won’t affect your credit score.
You may find the amount you can borrow, in principle, changes if you apply for a new MIP though. This could be due to a number of factors such as:
Your circumstances have changed since you got your first MIP
Lender criteria has changed which affects how much you’re eligible to borrow
Economic factors and market conditions have changed
If you find that you keep getting rejected for a MIP, or you’re not getting offered the amount you’d hoped for, that’s a sign something is showing up in your affordability or eligibility checks that needs to be addressed. It’s worth speaking to a mortgage advisor to find out what might be holding you back and to figure out a plan to help you secure a MIP in the future.
How many MIPs can I have at once?
You can get as many MIPs as you like. Always make sure your lender or broker uses a soft credit check at the MIP stage to avoid damaging your credit score.
Different lenders might offer you a different loan amount (in principle), so it can be tempting to get multiple MIPs to find out your maximum borrowing amount. But there’s a much simpler way to do this. Get a lender-neutral MIP from a broker like Mojo Mortgages instead.
We check your eligibility and affordability across a wide range of lenders to find out your maximum borrowing potential. This gives you a clearer idea of how much you can borrow, without having to individually request a MIP from lots of different mortgage providers.
Getting a broker MIP can save you time and hassle. Plus, when it’s time to choose a mortgage deal and submit your application, you’ll have an expert on-hand to help too. We explain the benefits of working with a broker in more detail here.
FAQs
There’s no need for you to withdraw a mortgage in principle, even if your circumstances do change. Just speak to your broker or lender to renew your MIP or apply.
A mortgage in principle is not usually actively withdrawn by the lender but they can change the amount they’re willing to offer or even reject your application entirely once you submit a full mortgage application. While unusual, this can happen for a number of reasons. For example, your financial situation might have changed or the lender might have changed their criteria so you no longer meet their eligibility or affordability requirements.
Any change in your financial situation or personal circumstances (for example, you’ve taken out a new loan or moved jobs) could impact the amount a lender may be willing to offer you. So it’s important to speak with your mortgage broker or lender if your circumstances change. They’ll reassess your MIP to give you an accurate reflection of what you can borrow based on your current circumstances, helping to avoid any nasty surprises when you get to the mortgage application stage.
All data shown is taken from Mojo Mortgages’ customer records, between January and June 2024