Get a mortgage promise before looking for a property to buy

Before you apply for an actual mortgage loan, you can obtain an offer in principle (also called an ‘approval in principle (AIP)’ or a ‘mortgage promise’). This is a lender’s promise to lend you a particular amount of money on stated terms.

They still have to approve the property you finally decide on; but it does mean that when you find a property you won’t have to worry about how much the lender will lend you based on your financial position.

Such mortgage offers are valid for between six weeks and six months, depending on the lender.