Riach Financial
What is a Mortgage in Principle (MIP)?
A step-by-step guide
Riach Financial
What is a Mortgage in Principle (MIP)?
A step-by-step guide
What is a Mortgage in Principle (MIP)?:
A Mortgage in Principle (MIP), also known as an Agreement in Principle (AIP), a Decision in Principle (DIP), or a Mortgage Promise, is a statement from a lender indicating how much they might lend you to buy a property. It’s the first step in the home-buying process, giving you a clearer picture of what you can afford.
The Reliability of a Mortgage in Principle
While an MIP is not a guaranteed mortgage offer, it is a valuable tool in your property search. It shows sellers that you are a serious buyer and gives you an idea of your budget. Here’s what you need to know:
- It provides an estimate of how much you could borrow based on your financial situation.
- A mortgage broker can assess your circumstances to ensure you apply for an MIP that aligns with your goals.
Credit Checks and MIPs
Soft Credit Check: Most lenders perform a soft check, which will not impact your credit score. Hard Credit Check: If a hard check is required, lenders will inform you beforehand.
Validity Period of an MIP
Typically lasts for 90 days, but this can vary among lenders. If your circumstances change, you may need to reapply for an MIP.
Cost of a Mortgage in Principle
Our service does not charge for obtaining an MIP.
Timing for Obtaining an MIP
Before House Hunting it is advisable to secure an MIP before starting your property search, as it is often required by estate agents before viewing properties, especially in Scotland.
Guarantee of Mortgage Approval
No Guarantee: An MIP does not guarantee mortgage approval, as lenders have varying criteria and risk assessments.
How We Can Help
Our team of experts can guide you through the process, helping you find lenders likely to offer you a mortgage that suits your needs. Contact us to start your journey toward homeownership. For more information or to begin your application for a Mortgage in Principle, contact our team today. We are here to make your path to buying a home as smooth as possible.
Expert Advice
Getting a mortgage can be a challenging and complicated process. That’s why you need regular access to expert guidance and support from people you know you can trust. Our aim is to provide you with professional knowledge of the market and excellence in customer service whilst being on hand to help every step of the way.
We’re committed to helping you fully understand the broad range of options available to you so that you can work with us to make an informed decision about the product that is most suited to your individual requirements.
The information given in this website does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision. The FCA does not regulate some forms of buy to let mortgages.
Click here for a link to our Jargon Buster
Contact Our Advisors
HEAD OFFICE
38-40 Doncaster Road,
North Lincolnshire, Scunthorpe, DN15 7RQ
Hours
Monday - Friday
07:00 - 17:30
Saturday
09:00 - 12:30
Contact
01724 276000
enquiries@riachfinancial.co.uk
Details submitted through this form are confidential. We will process any personal information collected in this form in accordance with our Privacy notice. The information therein is used only to contact you to discuss the areas you've expressed an interest in.
Please note the contents of this form is sent via email and therefore may not be secure.
We can also deal with clients face-to-face in one of our 10 offices. We can also deal with client and prospects over the telephone or by video chat.
HULL
100 Alfred Gelder Street, Hull
East Yorkshire, HU15 2AE
BEVERLEY
15A Wednesday Market
Beverley, HU17 0DH
LONDON
Spaces Victoria, 25 Witton Road
Victoria, London, SW1V 1LW
Doncaster
Gresley House, Ten Pound Walk, Doncaster, DN4 5HX
GRIMSBY
10 Dudley Street, Grimsby
North Lincolnshire, DN31 2AB
NEWCASTLE
25‑26 St Marys Place, Newcastle, NE1 7PQ
YORK
14 Coppergate, York, YO1 9NT
PETERBOROUGH
Stuart House, St Johns Street, Peterborough, PE1 5DD
LINCOLN
17-21 West Parade
Lincoln, LN1 1NW
WILLERBY
1a Kingston Road, Willerby
East Riding of Yorkshire, HU10 6AD
BARTON
1 King Street
Barton-upon-Humber, DN18 5ER
ABOUT US
With us, progress means development. Financial and life planning that helps you to navigate life’s financial complications, free of financial ambiguity and safe in the knowledge that the professional team is at your side, every step of the way.
CONTACT US
Riach Financial Ltd
38-40 Doncaster Road
North Lincolnshire
DN15 7RQ
T: 01724 276000
E: enquiries@riachfinancial.co.uk
© RIACH FINANCIAL
Copyright 2023 Riach Financial Ltd
All rights reserved
Appointed representative of Sesame Ltd which is authorised and regulated by the Financial Conduct Authority
The information given in this website does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision. The FCA does not regulate some forms of buy to let mortgages.
If you have a complaint or dispute with us, you are entitled to make a complaint. We have a complaints procedure that is available on request. If you wish to register a complaint, please contact us either in writing, by telephone or email. Please be assured we treat complaints seriously. For your protection if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (FOS).
Riach Financial LTD is an appointed representative of Sesame Ltd which is authorised and regulated by the Financial Conduct Authority. FCA Register No 966934. Registered in England under reference 13361374. Calls may be recorded for training and monitoring.