What's 'approval in principle' and do you need it?
Aug 24, 2021
1 min read
Now that you've viewing homes you may have been asked for an 'approval in principle' letter or proof of funds. This is something that your lender can provide as they process your application.
An approval in principle doesn’t mean that you have a mortgage yet, or that you’ll be guaranteed that exact amount when the time comes, but it does give you a better idea of how much a lender would be willing to give you.
The length of time your approval in principle lasts will vary from lender to lender, but it is typically between three to six months. If you haven’t found the house of your dreams in that period you may need to get in touch with your lender again to reissue it.
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The article explains approval in principle clearly, and just like planning your budget in cookie clicker, knowing your limits first helps you make smarter decisions.