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What is a Decision in Principle?

A Decision in Principle is an indication of how much a lender is likely to lend you and whether they are prepared to lend you it. It will also give you an idea of which properties you can afford which helps you with your property search. Most lenders carry out a "soft" credit search which means it won't affect your credit score when you come to make a full application.

Many estate agents insist that you have one before showing you available properties to reassure everyone you are a serious potential buyer.
 
To get one, you provide our Mortgage Broker with information about your finances including your income and outgoings and in return they give you an indication of how much you’ll be able to borrow. In most cases, you’re likely to receive your results within 24 hours and it is normally valid for up to 90 days depending on the lender.

Unfortunately, not everyone will qualify for a Decision in Principle but if we are unable to offer one, we'll explain why and give you some suggestions to help you next time.