What is an Agreement in Principle or Mortgage in Principle?

This is a conditional offer made by a mortgage lender that - provided the information you give them is correct - they will in principle give you the loan you have discussed with them. It is useful to have an Agreement in Principle before you even start looking for a house to give you the edge over any competition. Having this means you should be able to get the actual mortgage quicker when the race to buy your chosen home begins. Knowing what you can afford will help you narrow your search. You can get this offer in writing to show the estate agents and the sellers who will then see you as a serious prospect and not a timewaster. To get the Mortgage in Principle you have to go through the same motions as an actual mortgage i.e. consider what type of mortgage you want and then find a mortgage lender you feel can offer you the best deal.  more