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Agreement in Principle UK: What an AIP Is and How to Get One
An Agreement in Principle (AIP), also called a Decision in Principle or Mortgage in Principle, is a lender's provisional indication of how much it would lend you, based on a soft credit check. It is not a guaranteed mortgage offer, usually lasts 30 to 90 days, and is often free to get online in minutes.
Agreement in Principle: the key facts
| Question | Answer |
|---|---|
| Other names | Decision in Principle (DIP) or Mortgage in Principle (MIP) - the same thing |
| What it is | A lender's provisional estimate of how much it is willing to lend you |
| Credit check | Usually a soft check that leaves no mark on your file; some lenders use a hard check |
| How long it lasts | Typically 30 to 90 days, after which it can usually be renewed |
| Is it a guarantee? | No - your full mortgage application can still be declined |
| Cost | Usually free, whether you get it from a lender or a broker |
| How long it takes | Often around 10 to 15 minutes online |