How to Obtain a Decision in Principle

Your First Step: Securing an Decision in Principle (DIP)

At Mortgage321, we understand that securing the right mortgage is a critical step in your financial journey, especially when dealing with complex circumstances.

Whether you're self-employed, have multiple income streams, or face other unique financial situations, obtaining an Decision in Principle (DIP) with us can be an essential first step.

What is an Decision in Principle (AIP)?

A Decision in Principle, also known as a Agreement in Principle (DIP) or Mortgage in Principle, is a statement from a lender confirming that, based on the information you've provided, they would be willing to lend you a certain amount of money to buy a property. This isn't a final mortgage offer, but it's a strong indication that you can secure financing up to a specific amount.

How to Obtain an DIP with Mortgage321

Initial Consultation:

Start by reaching out to one of our experienced mortgage advisors. We'll discuss your unique situation, including your income sources, credit history, and the type of property you're interested in.

Documentation:

We'll guide you on what documents you'll need to provide, such as proof of income, bank statements, and identification. For self-employed clients or those with complex financial backgrounds, this might include additional documentation like tax returns or business accounts.

Provide Your Credit Report:

We ask you to obtain a copy of your credit report from a reputable credit agency and provide it to us. This allows us to thoroughly assess your creditworthiness and ensure we match you with the most suitable lenders for your situation. Don’t worry; we’ll guide you through the process of obtaining your report if needed.

Submission to Lenders:

Based on the information gathered, we'll submit your details to suitable lenders who are likely to offer the best terms for your situation.

Receive Your DIP:

Once approved, you’ll receive your DIP, typically within 24-48 hours. This document will outline the amount the lender is willing to lend, subject to final checks and a property valuation.

Benefits of Having an DIP with Mortgage321

Increased Credibility with Sellers: 

An DIP shows sellers and estate agents that you’re serious about buying and that you have the financial backing to proceed. This can make your offer more attractive and give you an edge in competitive markets.

Clear Budgeting: 

With an DIP, you’ll know exactly how much you can borrow, allowing you to focus your property search on homes within your budget.

Faster Mortgage Process:

Having an DIP in hand can speed up the mortgage process when you find the right property, as many of the initial checks will already be complete.

Confidence in Your Purchase:

Knowing that you have an DIP provides peace of mind as you move forward with your property purchase, especially in complex financial situations.

Why Choose Mortgage321?

At Mortgage321, we specialise in helping clients with complex mortgage needs. Our team of experts understands the intricacies of the mortgage market and can navigate the challenges that come with self-employment, multiple income sources, or adverse credit. We work closely with a wide range of lenders, ensuring that we can find the best possible deal for you.

Obtaining an DIP through Mortgage321 is not just about getting a number on a piece of paper—it's about laying a solid foundation for your property purchase and setting you up for long-term financial success.

Contact us today to begin your journey towards securing the perfect mortgage solution tailored to your needs.