How to get a Mortgage in Principle with Trussle
29th May 2019
It’s a good idea to get a Mortgage in Principle before looking for your dream home, as it’ll give you an idea of how much you’re likely to be able to borrow.
You’ll be able to start viewing homes in your budget and make realistic offers. And it may increase your chances of having an offer accepted if you’ve got one.
What is a Mortgage in Principle?
A Mortgage in Principle (sometimes called a Decision in Principle, Agreement in Principle, MIP, DIP, or AIP) is a document that shows how much you can afford to borrow - in principle - from a mortgage lender.
Why should I get one?
You’re a much more attractive buyer if you’ve got a Mortgage in Principle. It shows that you’re a serious buyer and have looked into your finances.
If you tell estate agents you’ve got one, they’ll probably ask to see it when you put in an offer.
Sellers can prefer buyers with a Mortgage in Principle too. If you’ve already started the mortgage process, sellers could be much more confident that the sale will go through, as you’ve looked into your mortgage options first.
Can I get a Mortgage in Principle from Trussle?
We’ve made getting a Mortgage in Principle free and painless. It only takes five minutes to answer our questions and receive your MIP, which you can then print or download to instantly start your property search.
What questions will I be asked?
We need to know a few things about you so we can work out how much lenders would be willing to lend to you.
This includes your:
Don’t worry if you don’t have all your information to hand. We’ll save your profile so you can come back to it when you’re ready.
Will I go through a credit check?
Not for a Mortgage in Principle.
If you choose to go ahead and ask for a mortgage recommendation we do what’s known as a soft credit check. This involves checking the information you give us with Experian, the credit reporting company.
The process tells us whether you’ve got any outstanding debts and how well you've managed these commitments, for instance. Once we know the full picture we’ll search thousands of deals to find the right mortgage for your circumstances.
The benefit of a soft credit check is that it doesn’t affect your credit score.
Do I need a credit report to get a Mortgage in Principle?
Not usually, but you might need one if you’ve got a history of bad credit. We’ll let you know if we need to see your credit report once you’ve answered the questions.
What happens next?
If everything looks good, we’ll work out how much you could afford to borrow. You can then download your report immediately, and we’ll also email you your Mortgage in Principle straight away.
Once you’ve had an offer accepted on a new home, you can add the property’s details to your profile so we can start finding the right mortgage for you.
Does having a Mortgage in Principle mean I’ll definitely get a mortgage?
No. But it does give you a good idea of how much you could borrow so you can confidently put in an offer on a new home.
When you apply for a mortgage, we ask for more detailed information about your personal and financial circumstances. We then choose a suitable lender who’ll do a full credit check to see whether they can offer you a mortgage.
How long will my Mortgage in Principle last?
Our Mortgage in Principle lasts for up to three months or until your circumstances change. You might get a pay rise, for instance, or have a bigger deposit.
All you have to do is update your Trussle profile and get another one.
Do I have to borrow the amount my Mortgage in Principle states?
No. It represents the maximum a lender's prepared to lend you, rather than an exact amount.
Having a Mortgage in Principle doesn’t tie you to a lender or type of mortgage either. And it isn’t legally binding, so you don’t have to buy a property if you change your mind.
Can I get a Mortgage in Principle now?
Yes. You can get a Mortgage in Principle from Trussle 24 hours a day. It’s quick and completely free, so why wait?