What happens after you get a mortgage in principle?
Whether you’re a first-time buyer or moving up the property ladder, getting a mortgage in principle (MIP) is often the very start of your house buying journey. If you’ve just secured one from your broker or lender, congratulations! You’re one step closer to buying your dream home.
So, what comes next? Here’s a step-by-step guide on what to do after getting a mortgage in principle…
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Author - Luke Hollingdale Editor - Stuart Bowman
Last reviewed on 26th March 2025
1. Start house hunting
Your MIP will give you a steer on how much you might be able to borrow, meaning you can focus your search on properties within your budget.
Online property platforms like Zoopla make it straightforward to filter by location and budget. This keeps your search realistic and helps you avoid the heartbreak of falling for a house you ultimately can’t afford.
Having a mortgage in principle can really come in handy here. While there’s no official requirement to have a MIP before you can view a property or make an offer, many estate agents much prefer you to have one! It can put you in a stronger position as a buyer, as a MIP shows you’re financially ready to buy the property you’re interested in.
2. Choose your mortgage lender
Once you’ve found a property you love and had your offer accepted, it’s time to apply for a full mortgage. To do that, you need to choose the right lender and mortgage deal for you.
Working with a mortgage broker can be a game-changer here. Your Mortgage Expert will not only talk you through the different mortgage products available, but they’ll also compare hundreds of mortgage deals across different lenders to find the one that’s right for you.
A mortgage broker can often make a complicated process feel much more straightforward. And - even better - when you work with Mojo, our expert mortgage advice is absolutely free.
“A Mojo Mortgages’ MIP is lender-neutral, showing you your maximum borrowing potential across a wide range of lenders. But, remember, if you get a MIP directly from a lender, you’re not tied to submitting your full application with them. Always shop around or speak to a mortgage broker to compare your options.”
Emily Smith, Mortgage Expert
3. Submit a mortgage application
You can either submit a mortgage application yourself or work with a mortgage broker to do it all for you.
While you will have provided some basic information during the MIP stage, you’ll need to provide more detail when submitting a full mortgage application. For example, you’ll need to demonstrate proof of income, outgoings, identity, address and deposit as well as providing details about the property you want to buy. Read our guide for more information on the documentation you’ll need to submit.
At this stage, your lender will arrange a property valuation to confirm the property is worth the amount you want to buy it for. Presuming there are no issues and your application is successful, your chosen lender will make you an official mortgage offer. This will be based on the amount you asked for in your mortgage application - not the amount originally detailed on your MIP.
It is possible your application could be declined at this stage, even if you successfully got a mortgage in principle. This usually happens if your circumstances have changed or your lender has an issue with the property you’ve chosen. Find out more about what can go wrong once you have a MIP and what to do next.
Wondering how long the house-buying journey takes? Home buyers get their mortgage offer 52 days after receiving their mortgage in principle on average, with 83% of customers getting their mortgage offer within 90 days of getting a MIP*.
4. Complete your house-buying journey
There are quite a few steps to go through in between filling out your mortgage application and completing on your property…
Get a survey. In addition to your lender’s property valuation, you may wish to pay for your own, more in-depth survey to make sure there are no unexpected issues with the property
Instruct a conveyancer. They’ll handle the legal aspects of transferring property ownership (including conducting local searches, drafting contracts and managing the transfer of funds)
Exchange contracts. At this point, the sale becomes legally binding
Complete the sale. On completion day, the funds are transferred to the seller and you’ll be officially registered as the property owner
Move in. It’s time to get the keys and celebrate!
Need more details? Our moving home guide has everything you need to know about each stage of the process.
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FAQs
The house buying process usually takes between three and six months, but every situation is different.
So how does this work when a MIP is usually only valid for 90 days? Well, you’ll only need your mortgage in principle to help you kick-start your property search and to support you when making an offer on a property. The majority of customers (83%) get their mortgage offer within 90 days of receiving a MIP from us.
Once you’ve successfully applied for a mortgage, your mortgage offer should be valid for three to six months. This usually gives you plenty of time to go through the necessary steps and complete the sale - though it is possible to ask for an extension if necessary.
While getting a mortgage in principle may make it more likely you’ll be accepted for a mortgage, it doesn’t guarantee you’ll be successful once the lender has completed further checks.
If any information doesn’t match up, there are issues with the property, or your circumstances have changed since you got a MIP, your mortgage application may be declined or you may be offered a different borrowing amount.
Don’t worry too much - it’s quite rare for your offer to be rejected after getting a MIP. 93% of home buyers successfully receive an offer after getting a MIP**.
We explain more about what could go wrong in between getting a MIP and applying for a mortgage here.
Switching mortgage providers, also known as remortgaging, is a slightly different process compared to buying a new home. If you apply directly with the lender you’re hoping to remortgage with, you’ll usually get an agreement in principle. This gives you a more accurate idea of whether that lender is willing to offer you the amount you need for your specific property.
A mortgage in principle is usually not necessary if you use a broker like Mojo Mortgages to help you compare your remortgaging options. We’ll compare the market on your behalf and offer our recommendations, saving you time and effort manually researching individual lenders.
No, you don’t technically need a MIP to view a house, though some estate agents will insist on seeing one before booking in a viewing.
Agents and sellers understandably don’t want to waste their time showcasing properties to buyers who might not be financially ready. A MIP shows a lender will, in theory, allow you to borrow the funds you need. This makes you a much more serious prospect.
It’s not a legal requirement to have a MIP before making an offer on a property, but it’s strongly recommended. Many estate agents and sellers prefer or even require buyers to have one before they’ll seriously consider an offer, as they want to know you’re in a financial position to actually buy the property.
Having a MIP in hand can seriously speed up the process of making an offer. What’s more, sellers might be more willing to negotiate on price if they know you're ready to move quickly and financially ready.
*Data shown is taken from Mojo Mortgages’ customer records, between January and June 2024
**Data looks at 1 January 2024 to 31 December 2024, analysing customers who received a MIP and went on to submit a mortgage application through us