{"componentChunkName":"component---src-templates-post-js","path":"/how-to-get-a-mortgage-in-principle/","result":{"data":{"ghostPost":{"id":"Ghost__Post__5ea6d365b4b5540039b680ca","title":"Get your mortgage in principle","slug":"how-to-get-a-mortgage-in-principle","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/07/Multiply-Mojo.png","excerpt":"Mojo is a leading mortgage broker that can give you a mortgage in principle.","custom_excerpt":"Mojo is a leading mortgage broker that can give you a mortgage in principle.","created_at_pretty":"27 April, 2020","published_at_pretty":"12 May, 2020","updated_at_pretty":"30 July, 2021","created_at":"2020-04-27T12:43:17.000+00:00","published_at":"2020-05-12T11:40:20.000+00:00","updated_at":"2021-07-30T15:43:37.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#milestone","slug":"hash-milestone","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"tips-from-team","slug":"tips-from-team","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"We've partnered with Mojo, a leading mortgage broker that can give you a free\nmortgage in principle.\n\nWe haven’t shared any of your personal details, so they’ll ask a few questions\nof their own.\n\nReady to get your mortgage in principle? Continue to Mojo\n[https://multiply.mojomortgages.com/].\n\nOr, you can find more info about Mojo here [https://mojomortgages.com/].\n\nWhat's a mortgage in principle?\nGetting a mortgage in principle (MIP) is the first step in the mortgage process.\nIt should give you a good idea of how much you’ll be able to borrow and at what\nrate.\n\nIf you're doing viewings, go with a MIP in your back pocket to show sellers\nyou’re serious.\n\nA MIP is sometimes also known as a DIP (decision in principle) or AIP (agreement\nin principle).\n\nIt isn’t a binding agreement and it doesn't guarantee that the lender will give\nyou a mortgage offer, but you're not tied to it either. It's generally valid for\n90 days.\n\nSome brokers, including Mojo, run a ‘soft’ check to confirm your personal\ninformation - this doesn't affect your credit score. Others may run a ‘hard’\ncheck - this is a full credit check and leaves a footprint, which other lenders\ncan see.\n\nThe process\nYou can either get a mortgage in principle via a broker, like Mojo, or from the\nlender directly.\n\nThe process starts with a few questions. They'll assess your affordability and\nestimate how much you'll be able to borrow.\n\nYou'll get an official document with this info - that's your mortgage in\nprinciple.\n\nHow much you can borrow\nThe amount you can borrow is generally:\n\n * Up to five times your annual income.\n * Up to 95% of the property value.\n\nThey'll also want to check you'll be able to make the monthly repayments.\n\nYou'll need to show that your income covers fixed outgoings such as travel and\nfood, as well as your anticipated bills once you're a homeowner.\n\nWhat's next?\nYou can get a free mortgage in principle from Mojo here\n[https://multiply.mojomortgages.com/].\n\nUse this as a guide for viewings and making offers. You'll still need to make a\nmortgage application for real once you've found your home and had an offer\naccepted.","html":"

We've partnered with Mojo, a leading mortgage broker that can give you a free mortgage in principle.

We haven’t shared any of your personal details, so they’ll ask a few questions of their own.

Ready to get your mortgage in principle? Continue to Mojo.

Or, you can find more info about Mojo here.

What's a mortgage in principle?

Getting a mortgage in principle (MIP) is the first step in the mortgage process. It should give you a good idea of how much you’ll be able to borrow and at what rate.

If you're doing viewings, go with a MIP in your back pocket to show sellers you’re serious.

A MIP is sometimes also known as a DIP (decision in principle) or AIP (agreement in principle).

It isn’t a binding agreement and it doesn't guarantee that the lender will give you a mortgage offer, but you're not tied to it either. It's generally valid for 90 days.

Some brokers, including Mojo, run a ‘soft’ check to confirm your personal information - this doesn't affect your credit score. Others may run a ‘hard’ check - this is a full credit check and leaves a footprint, which other lenders can see.

The process

You can either get a mortgage in principle via a broker, like Mojo, or from the lender directly.

The process starts with a few questions. They'll assess your affordability and estimate how much you'll be able to borrow.

You'll get an official document with this info - that's your mortgage in principle.

How much you can borrow

The amount you can borrow is generally:

They'll also want to check you'll be able to make the monthly repayments.

You'll need to show that your income covers fixed outgoings such as travel and food, as well as your anticipated bills once you're a homeowner.

What's next?

You can get a free mortgage in principle from Mojo here.

Use this as a guide for viewings and making offers. You'll still need to make a mortgage application for real once you've found your home and had an offer accepted.

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