A decision in principle, also known as a mortgage in principle or a mortgage promise, is a preliminary assessment of your ability to obtain a mortgage. It's a statement from a lender that, based on the information you've provided, they would be willing to lend you a certain amount of money to purchase a property.
A decision in principle is not a guarantee that you'll be approved for a mortgage, but it can give you a better idea of how much you can afford to borrow and what kind of interest rates and terms you can expect. It can also give you an edge over other buyers in a competitive real estate market, as it can show that you're a serious and prepared buyer.
To obtain a decision in principle, you'll typically need to provide some basic information to us, such as your income, expenses, and employment status. We will then use this information to assess your creditworthiness (not via a credit check) and determine the amount you are likely to get.
It's important to note that a decision in principle is not binding on the lender, and that the actual mortgage approval process will require a more thorough evaluation of your financial situation. However, a decision in principle can give you a good starting point for your mortgage search and help you make informed decisions about your home buying plans.
