Mortgage in Principle
Do You Need a Mortgage in Principle Before Viewing?
In Scotland, many estate agents will ask if you have a mortgage in principle before you view or offer. It shows you are serious and know your budget. Here is how it works and how to get one without harming your credit.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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Why It Matters
Agents and Sellers Want to Know You Can Buy
A mortgage in principle, also called an agreement in principle or decision in principle, is a lender saying how much they could lend based on a first look.
- ✓Viewings: some agents ask for one before booking you in
- ✓Offers: sellers often favour buyers who can show one
- ✓Budget: you know your limit before you fall for a house
- ✓Speed: you can move quickly when the right home comes up
How We Help
How to Get One
Five steps, often done in a day.
Work Out Your Budget
We look at your income, outgoings and deposit to see what is realistic.
Check Your Credit
A quick look at your credit file first means no surprises.
Choose the Right Lender
We pick a lender likely to say yes at the full application too.
Get the Certificate
Most take minutes once submitted. Many use a soft credit search.
Start Viewing
Show it to agents when booking viewings or making an offer.
Good to Know
What a Mortgage in Principle Does and Does Not Do
It is useful, but it is not the full picture.
It Expires
Most last 30 to 90 days. If your search takes longer, it can be renewed.
Check My Options →Soft or Hard Search
Some lenders use a soft search that others cannot see. Some use a hard search. We will tell you which.
Talk It Through →Not a Guarantee
The full application checks your paperwork and the property. A decline is still possible.
Get Straight Advice →Offering Over
If you offer over the Home Report value, the lender still lends on the valuation.
Book a Chat →One Is Enough
You do not need lots from different lenders. Too many hard searches can hurt.
Ask a Question →Ready to Move
When your offer is accepted, we can usually submit the full application quickly.
Talk It Through →Common Questions
Mortgage in Principle Questions, Answered
The things buyers ask us most.
Can you view a house without a mortgage in principle?
Sometimes, but many Scottish agents ask for one before viewings or offers, especially on popular homes.
Does a mortgage in principle affect my credit score?
It depends on the lender. Some use a soft search, which does not affect your score. Others use a hard search, which shows on your file.
How long does a mortgage in principle last?
Usually between 30 and 90 days, depending on the lender.
Can a mortgage in principle be withdrawn?
Yes. If your circumstances change, or the full checks show something new, the lender can decide not to go ahead.
Is a mortgage in principle the same as a mortgage offer?
No. The offer comes after the full application, valuation and checks.
How quickly can I get one?
Often the same day once we have your details.
Related guides
- Mortgage declined after an agreement in principle
- How much to offer on a house in Scotland
- How much can I borrow?
- Buying a house in Scotland step by step
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
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Get Your Mortgage in Principle Sorted
Fill in the form and we will be in touch within one working day. We will work out your budget and get your mortgage in principle in place so you are ready to view.