A mortgage in principle (also known as an ‘agreement in principle,’ a ‘decision in principle’ and a ‘mortgage promise’) is an official document from a mortgage lender that confirms they think you’d get approved for a mortgage based on what they know about you so far.
Normally, getting a mortgage in principle is the first step in the process of buying a house (although you don’t technically need one to get a mortgage). This is because...
A mortgage in principle normally lasts between 60 and 90 days. Once you’ve had an offer accepted on a property, you can simply apply to turn your mortgage in principle into a full mortgage offer.
Use an independent mortgage broker to get your mortgage in principle. Not only will they get you the best deal, but they’ll also keep your details saved. Then, once you’ve had an offer accepted on a property, all you have to do is ask them to go ahead with the full mortgage application for you.