Can you renew a Decision in Principle?

smileycon

Hi guys,

I'm looking into getting a mortgage, first time buyer. so need all the help I can get really

I know that a decision in principle will last three months from the time you go in to your bank/building soc but i'm just wondering if i can renew or extend it should i not be able to find a place/ agree on a place i want to buy?

Thanks

kingstreet

You simply do a new one.

TBH once you've had one, I wouldn't bother. Wait until you find somewhere and go straight to full application.

Wh05apk

A decision in principle literally lasts seconds, lenders can change their criteria at any time, it just means at the time the DIP was done, it met their criteria.

ConfusedofYorkshire

its not really worth getting one until you have had an offered accepted.

tigsly

I had one done - so I would have a rough idea how much a bank would lend me . I only 'renewed' when i applied for my mortgage - the DIP had only run out for 1 month - the circs hadn't changed - the mortgage offer was 30k less.. it was ok - as we didn't need the full amount..

But I dont think a DIP is that 'reliable' in terms of me getting one to findout how much the bank would lend.. and I wuoldnt bother 'renewing'.