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Looking to buy a home? It’s a smart move to find out how much you can actually borrow. That’s where a mortgage in principle (MIP) comes in.
You can get a mortgage in principle from a broker, bank or any other mortgage lender.
We've partnered with Mojo Mortgages, an online broker, who can get a mortgage in principle sorted for you. Here’s how it works:
To get a mortgage in principle, the details you'll need to provide are:
Your lender uses this information and considers your credit history when working out how much they may be willing to offer you.
A mortgage in principle is not a final mortgage offer. You could be turned down at the time of application if you don’t meet your lender’s borrowing criteria. This is usually down to inconsistent or incorrect information, an issue with the property you’ve chosen or a change in your personal circumstances. For example:
Before you start viewing homes! By having an idea of what you can borrow, you know what price range to aim for during your search.
Don’t worry if you’re ready and raring to go with your property search - it shouldn’t take long to get a MIP. You can usually get one within an hour or two or a few days, at most, depending on the type of MIP you get and who you get it from.
It depends on who you get your decision in principle from, but it should typically last for up to 90 days.
If house hunting takes longer than expected and your MIP expires, you just need to reapply.
"Getting a mortgage in principle is a great way to understand your budget and show sellers you're serious. But it’s just the start, once you’ve got one, the next step is finding the right mortgage deal for your situation. That’s where speaking to a broker can help to compare deals from across the market and guide you through the full application process."
The first step to getting a house is making the decision about whether it's better to rent or buy.
Here's some tips to bear in mind when you view property.
The final hurdle before the house is officially yours – swap contracts and insure the building.
Buying a house is an expensive process. Gifted deposits can help.
We look at guarantor mortgages and how they could help you get on the property ladder.
Paying off your mortgage early seems like a good idea, but you could be charged. Here's what you need to know.
YOU SHOULD THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME/PROPERTY. YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The Financial Conduct Authority does not regulate mortgages for commercial or investment buy-to-let properties.
Confused.com is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions.
Confused.com and Mojo Mortgages are part of the same group of companies.Confused.com 2nd Floor, Greyfriars House, Greyfriars Road, Cardiff, CF10 3AL, United Kingdom. Confused.com is a trading name of Inspop.com Limited and is authorised and regulated by the Financial Conduct Authority. FRN 310635
Mojo is a trading style of Life's Great Limited which is registered in England and Wales (06246376). We are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215). Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH.
To contact Mojo by phone, please call 0333 123 0012.
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