A mortgage in principle (MIP) is a useful tool for homebuyers, giving an indication of how much a lender may be willing to lend before making a full application. It can help you understand your budget and show sellers that you’re a serious buyer. However, a mortgage in principle doesn’t last forever, and if it expires, you may need to reapply.
If you’re planning to buy a property, it’s important to know how long a mortgage in principle lasts and what to do if it runs out.
In this guide, we’ll explain the typical validity period, factors that can affect it, and when you might need to renew your MIP when looking for a home in Hull.
What is a mortgage in principle in Hull?
A mortgage in principle (MIP) is a statement from a lender indicating how much they may be willing to lend you, based on an initial financial assessment.
It’s not a formal mortgage offer, but it can be useful when viewing properties, as sellers and estate agents often take buyers with an MIP more seriously.
Having this early approval can make your house-hunting process more efficient and give you a clearer idea of your budget before making an offer. If you’re applying for a first time buyer mortgage in Hull, an MIP can also give you confidence in what you can afford before beginning your search.
How long does a mortgage in principle last in Hull?
Most mortgage in principles last between 60 and 90 days, depending on the mortgage lender.
This timeframe gives you enough opportunity to search for a property and make an offer, but if you don’t find the right home within this period, you may need to apply for a new one.
The good news is that reapplying is usually straightforward, provided your financial situation remains stable. Simply reach out to our mortgage advisors and we can renew your mortgage in principle within 24 hours.
Why do mortgage in principles have an expiry date?
A mortgage in principle is based on your financial circumstances at the time of application, including income, outgoings, and credit history.
Since these factors can change over time, lenders set an expiry date to ensure the information remains current.
If your financial situation changes, such as a new job, increased debt or missed payments, you may need to go through another affordability assessment when renewing your MIP.
What happens if my mortgage in principle expires?
If your mortgage in principle expires before you’ve secured a property, you’ll need to apply for a new one. Lenders may carry out updated affordability checks, which means any financial changes since your last application could impact your borrowing potential. This could include changes to your income, credit score, or financial commitments.
If your MIP has expired and you’re actively looking for a property, it’s important to renew it as soon as possible to avoid delays when making an offer. As a mortgage broker in Hull, we can renew your mortgage in principle within 24 hours, ensuring you stay prepared and in a strong position to proceed with your home purchase.
Can I renew or extend my mortgage in principle?
Some lenders allow you to extend your mortgage in principle without a full reapplication, while others require you to submit a new request.
If your MIP is close to expiring and you haven’t yet found a property, it’s worth checking with your lender about renewal options.
We can help renew mortgage in principles within 24 hours, ensuring you stay ready to proceed with your home purchase without delays.
Does a mortgage in principle guarantee a mortgage offer?
No, a mortgage in principle is not a guarantee that you’ll be approved for a full mortgage. It’s an initial indication of how much a lender may be willing to lend, but the final decision depends on a full affordability assessment.
This includes an in-depth review of your income, outgoings, and credit history, as well as a valuation of the property you intend to buy.
If there have been any financial changes since your MIP was issued, it could affect your mortgage approval.
Can a mortgage in principle affect my credit score?
Whether a mortgage in principle affects your credit score depends on the type of check performed by the lender.
Some lenders carry out a “soft” credit check, which won’t impact your score, while others may conduct a “hard” search, which could leave a temporary mark on your credit file.
When should I get a mortgage in principle?
It’s best to obtain a mortgage in principle before you start viewing properties, as it helps you understand your budget and reassures sellers that you’re a serious buyer. This applies whether you’re purchasing your first home or moving home in Hull, as an MIP provides clarity on what lenders may be willing to offer.
However, because MIPs typically last 60 to 90 days, you should only apply when you’re ready to actively search for a home.
If your MIP expires before you secure a property, renewing it promptly will help you stay prepared when the right home comes along.
How can a mortgage broker in Hull help with a mortgage in principle?
A mortgage broker in Hull like us can guide you through the mortgage in principle process, helping you find the right lender based on your financial situation.
We will assess your affordability, recommend lenders with flexible criteria, and ensure your application is as strong as possible.
We also have access to a wide range of lenders, some of whom may not be available directly to all borrowers.
If your mortgage in principle expires, we can help renew it within 24 hours, keeping your home-buying journey on track.
Date Last Edited: 03/11/2025
