MORTGAGE
AGREEMENT
IN PRINCIPLE

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Correct at 06/09/2021

Get a Mortgage in Principle with L&C

A Mortgage in Principle (also known as an Agreement in Principle or Decision in Principle) gives you an idea of how much you might be able to borrow before you submit your mortgage application.

Getting a Mortgage in Principle couldn’t be easier with L&C. Our online Mortgage Finder allows you to check your eligibility to see which deals you could qualify for, how much you may be able to borrow and how much it might cost. You’ll then receive an online ‘Decision in Principle’ certificate, which is our version of a Mortgage in Principle. Unlike many lenders our online Decision in Principle doesn’t require a credit check so it won’t harm your credit score.

Our expert advisers are on hand to talk you through any questions you might have, and to help you with your Mortgage in Principle so you’re ready to start your property search.

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Understanding your Mortgage in Principle

Getting a Mortgage in Principle before you start looking for a property not only helps you work out how much you can afford to borrow, but also shows sellers you’re serious about buying.

Bear in mind that a Mortgage in Principle isn’t a guarantee you’ll get a mortgage. Only once you’ve applied for a mortgage and received an official mortgage offer can you be certain that the lender will provide you with a mortgage.

Once you receive a Mortgage in Principle certificate, it’ll typically be valid for up to 90 days. You can get another one if it expires before you find a property to buy, but if you’ve approached a lender directly for a Mortgage in Principle, rather than through L&C, remember that they’re likely to have conducted a credit check. Too many credit checks in a short period of time can affect your credit rating.

Mortgage in Principle FAQs

How reliable is a Mortgage in Principle?

A Mortgage in Principle can provide you with a useful guide as to how much you might be able to borrow and give sellers confidence in your offer, but it’s not a guarantee that you’ll be able to get a mortgage. Find out more in our guide to ‘Mortgages in Principle and mortgage offers’.

What happens after I get a Mortgage in Principle?

Once you’ve found a property you want to buy, you’ll need to submit a full mortgage application. If your application is successful, you’ll receive a formal mortgage offer which is official confirmation from the lender that they’ll provide you with a mortgage.

How long does a Mortgage in Principle take?

You can get a Mortgage in Principle in just a few minutes with L&C’s online Mortgage Finder. This allows you to check your eligibility against a wide range of lenders’ criteria to see which deals you qualify for, how much you can borrow and what it will cost. You can then click ‘submit’ to receive an online Decision in Principle certificate, which will typically last up to 90 days.

Will getting a Mortgage in Principle affect my credit rating?

Our online version doesn’t require a credit check and is based on the information you provide us with, so won’t harm your credit score. If you go directly to a lender, they’ll usually require a credit check before they’ll issue you with a Mortgage in Principle. So if you request it several times this could damage your credit score. Find out more about credit scores in our guide What credit score is needed to buy a house?