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What is a Decision in Principle?

A Decision in Principle is also known as an 'Agreement in Principle' or a 'Mortgage Promise'.

A mortgage lender will give you this to confirm how much they might lend you, based on the details you give them and their initial checks. It's not a binding or formal mortgage offer but it could help show sellers and agents that you're a serious buyer.

To find out more, take a look at our Homebuying Jargon Buster (opens in a new window).