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A decision in principle is an indication of how much a lender may be willing to lend you for your mortgage.

It is sometimes known as ‘a mortgage promise’ or an ‘agreement in principle’.

Based on your income and expenditure, and often a soft credit search (which usually does not affect your credit rating) the lender will assess how much money they will allow you to borrow.

The decision in principle gives you confidence when looking to purchase, that you will likely be accepted for the loan.  It is a good idea to have this in place before you start looking as you will then know the price range of properties that would be within your reach.

The decision in principle is typically valid for 60-90 days, but don’t worry if it runs out, as it is very easy for us to submit it again for you.

We can often get a decision in principle the same day as you make an enquiry, providing we have all your details.

Once your offer on a property has been accepted, we will do a full mortgage application for you and guide you through the next steps.

If you would like further advice on anything mortgage related, contact a member of our specialist team today.  We have advisers on hand at our Dalston, Dumfries, Penrith and Workington offices.