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What is a mortgage in principal?

A mortgage in principle (MIP) is a certificate issued by a lender before you make a full mortgage application.

It is sometimes called an Agreement in Principle or Decision in Principle.

The document means that a lender would 'in principle' lend you a certain amount of money to buy a property.

It can also be called a Decision in Principal or Agreement in Principle.

A Mortgage in Principal shows estate agents that you will be able to get a mortgage and shows sellers that you are a serious buyer and puts you in a good position against other potential buyers that don’t have one.



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