What is a Mortgage in Principle (DIP/AIP/MIP)

A mortgage in principle, also known as a decision in principle or agreement in principle, is a conditional agreement from a mortgage lender that they would be willing to lend you a certain amount of money to purchase a property.

To obtain a mortgage in principle, you typically need to provide the lender with some basic financial information, such as your income, expenses, and credit score. The lender will then assess this information and use it to determine whether you are likely to be approved for a mortgage and how much they would be willing to lend you.

A mortgage in principle is not a guarantee that you will be approved for a mortgage, but it can give you an idea of how much you can afford to borrow and help you to narrow down your property search. Once you have a mortgage in principle, you can use it to show estate agents and sellers that you are a serious buyer and that you have the funds to purchase a property.

If you would like to apply for a mortgage in principle then please contact us on 02393 233267 where we will be able to help you!

Also check our out our handy video on Facebook (ROK Marsh Sales & Lettings) where the RBM girls have made a handy video to explain a Mortgage in Principle.