DIP (Decision in Principle)

A Decision in Principle (DIP), sometimes known as a mortgage in principle or an Agreement in Principle, is a declaration given by a lender to state how much they are preparing to lend you based on basic information. 

A Decision in Principle can give you a good indication of how much you can borrow before you even finalise a property purchase. Rarely does it also involve a soft credit check, but if it did this wouldn't negatively affect your credit score.

It's important to note that this declaration is not legally binding. The amount the lender is willing to let you borrow could change following a more detailed assessment of the property or group of properties you're intending to use a security, your income, expenditure and credit history.

If you find your credit score is affecting your Decision in Principle, please see our guide on how to improve your credit score. 

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