How Long Does a Decision In Principle Last?

A ‘Decision In Principle’ is a statement of some sort from a lender declaring what they would be willing to lend you as a prospective borrower, based on the information that they have received about you. It is essentially a conditional offer, but not a final offer. You will usually need to get a Decision In Principle before applying for a mortgage or making an offer on a property, as it proves that lenders would be prepared to offer you a mortgage.

Although there is no official time frame for a decision in principle, they will often last up to 30 days. This will vary between lenders.

What Next?

This is entirely dependant on your situation. In the long run, it can be cheaper and can gain greater returns to buy a house than to rent it. When renting,…

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