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To apply for a mortgage with us, you'll need a Decision in Principle (DIP). You can get a DIP by booking an appointment with one of our mortgage advisers.
During your appointment, we'll ask you some questions about the mortgage you want, and your income and outgoings.
We'll then use the information provided to give you an indication of what we may be able to lend you.
Getting a DIP won't affect your credit score, and it'll be valid for 90 days. Once you've got a DIP, you can make a full mortgage application when you're ready.
It won't affect your credit score
It takes about 30 minutes
You'll need to provide the information below to get a DIP, so it's good to have this to hand before your appointment.
Your home may be repossessed if you do not keep up repayments on your mortgage.
No. A decision in principle only gives you an indication of how much you could borrow from a lender, based on limited information about your finances.
A mortgage offer is a formal document that confirms the lender will give you a mortgage for the property you want to buy. It's given after a full mortgage application, once an affordability assessment and full credit check has been carried out.
No. A decision in principle only involves a 'soft' credit check which won't impact your credit score. It's not until you make a full mortgage application where a 'hard' credit check will be carried out.
A decision in principle usually lasts between 30 to 90 days, but this can change depending on the mortgage lender.
A West Brom decision in principle lasts for 90 days.
While you don't need a decision in principle to start viewing properties, it means you'll have a better understanding of what you can afford when you do. It also shows estate agents and sellers that you're serious about buying and means you can make an offer as soon as you've found a property you like.
If you've found a home you like and have had an offer accepted, you can then make a full mortgage application.
If you're looking to change lender (remortgage) or borrow more, you can begin your application as soon as you have your DIP.
If a decision in principle expires and you've not yet applied for a mortgage, you can renew it.
To renew a West Brom DIP, get in touch and we'll be happy to help.
