A mortgage in principle (MIP), also referred to as an agreement in principle (AIP), is a pre-approval from a lender indicating the amount you could potentially borrow for a home. Although not mandatory, obtaining an MIP can signify to estate agents and sellers that you are a serious buyer. Applications are quick, yet the MIP is subject to validity over time and can lapse if a lender changes its policies. It's essential for homebuyers to understand the implications of the MIP's duration and procedures.
Obtaining a mortgage in principle shows you’re a serious buyer and helps your offer be taken seriously once you’ve found a property you want.
A mortgage in principle is typically valid for a limited time, although technically it is only valid until the lender's policies change after the application.
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