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Can you renew a Decision in Principle?

smileycon
smileycon Posts: 18 Forumite
in Mortgages & endowments
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 :)

Comments

  • kingstreet
    kingstreet Posts: 39,439 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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.
    I am a mortgage adviser.
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ConfusedofYorkshire
    ConfusedofYorkshire Posts: 538 Forumite
    Eighth Anniversary 500 Posts Combo Breaker
    its not really worth getting one until you have had an offered accepted.
  • tigsly
    tigsly Posts: 481 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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'.
This discussion has been closed.
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