You’ve been viewing for weeks, you’ve found the house, you put in an offer — and the agent’s first question is: ‘Do you have a mortgage in principle?’ For many first-time buyers, this is the moment they realise they skipped a step. A mortgage in principle (also called an Agreement in Principle, AIP, or Decision in Principle) isn’t optional in today’s market. Here’s exactly what it is and how to get one right.
What a Mortgage in Principle Actually Is
A mortgage in principle is a written statement from a lender confirming, based on your income, outgoings and a credit check, roughly how much they’d be willing to lend you. It’s not a full mortgage offer. The property hasn’t been valued. Full underwriting hasn’t happened. But it is a meaningful, evidence-based indication — and it carries weight with estate agents and vendors because it separates serious buyers from tyre-kickers.
How to Get One Quickly
A good broker can arrange an AIP in 24–48 hours. You’ll need ID, three months of payslips, three months of bank statements, and sometimes a P60. The broker runs the numbers across lenders’ criteria and selects one whose AIP process uses a soft credit search (no footprint on your file) or a hard one, depending on which lender is most likely to end up providing your actual mortgage. Soft-search AIPs are preferred early on so you can shop around without credit impact.
How Long It Lasts
Most AIPs are valid for 60–90 days. If you haven’t found a property in that window, you simply re-run it. Circumstances that change materially — a new job, a new debt, a credit event — can invalidate an AIP, which is why brokers refresh them before offers are made.
Why Manchester Estate Agents Ask For It First
In competitive Stockport and Manchester postcodes — think Cheadle Hulme, Heaton Moor, Didsbury, Chorlton, Altrincham — multiple offers on the same property are routine. Agents use AIPs to filter. An offer without one often won’t even be presented to the seller. An offer with one gets taken seriously. In a tight race, the AIP-backed buyer wins against an otherwise-identical offer.
The AIP Number Isn’t a Guarantee
An AIP for £280k means the lender thinks £280k is plausible, given what they’ve seen so far. Full underwriting can still come back with a different answer once payslips are verified, bank statements reviewed, and the property valued. Buyers occasionally treat the AIP figure as gospel; it isn’t. Always leave some margin.
Avoid Having Multiple AIPs Running at Once
A common mistake is running AIPs with three different lenders to ‘see who’ll lend most’. Each one may leave a hard footprint on your credit file, which collectively can damage your score. Stick with one properly chosen AIP, arranged through a broker who has already soft-matched you to the right lender.
When to Get Your AIP
As soon as you’re seriously looking. Not after the first viewing, not after you’ve mentally committed — before. Most of our Stockport and Manchester clients get their AIP done the same week they start actively browsing Rightmove. It’s the minimum admin, maximum return step of the whole process.
Call to Action
Ready to start viewing in Stockport or Manchester? Frank Mortgages can arrange your AIP in 24 hours, no cost, no pressure. Get in touch today.
