Mortgage in Principle
Understand How Much You Can Borrow Today
Thinking about buying a home? An Online Mortgage in Principle (MIP), also known as an Agreement in Principle (AIP), is your first step toward turning that dream into reality. Find out how much you can borrow to buy a home or remortgage today.
Why Do You Need a Mortgage in Principle?
Understand Your Budget
An MIP/AIP provides a clear estimate of your borrowing potential, so you can search for homes within your budget.
Make The Strongest Offer
Sellers and estate agents often favor buyers with an MIP/AIP, as it demonstrates financial readiness.
Faster Mortgage Process
With key details already reviewed by the lender, the full application process becomes quicker once you’ve found the right property.
Document Checklist for a Mortgage in Principle
1. Proof of Identity
Lenders must verify who you are. Provide one of the following:
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Valid passport
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Driving license with your current address
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National ID card (if applicable)
2. Proof of Address
Confirm your current residence with at least one of the following:
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Utility bill (dated within the last 3 months)
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Bank or credit card statement
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Council tax statement
3. Proof of Income
Lenders will use your income details to calculate how much you can borrow. Gather the following:
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Employed Applicants:
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Last 3 months’ payslips
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Employment contract (if you’ve recently started a new job)
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Self-Employed Applicants:
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Last 1-2 years’ tax returns (SA302 forms)
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Recent bank statements showing income deposits
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4. Bank Statements
Provide the last 3 months of bank statements to demonstrate:
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Regular income deposits
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Stable financial activity
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Any existing financial commitments
5. Credit History
Lenders will perform a soft credit check to initially assess your financial responsibility.
6. Proof of Deposit
You may need to provide details of your planned deposit. Be ready to show:
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Savings account statements
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Gift letter (if someone is contributing to your deposit)
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Bonus or inheritance documents (if applicable)
7. Additional Information
Depending on your circumstances, lenders may ask for:
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Details of existing financial commitments (e.g., loans, credit cards)
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Rental income evidence (if applicable)
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Proof of any other sources of income
