Can you have two mortgages in principle?

When you are house-hunting, getting a mortgage in principle, also known as an agreement in principle (AIP) or decision in principle (DIP), is often the first big step. It gives you an idea of how much you could borrow and reassures estate agents and sellers that you are a serious buyer. But what happens if you find yourself considering more than one lender, or even more than one property? Can you have two mortgages in principle at the same time?

The short answer is yes, you can. But there are some important things to understand about how mortgages in principle (MIPs) work, how lenders view them, and when it is best to involve a qualified mortgage adviser to avoid any unintended consequences.

What Is a Mortgage in Principle?

A mortgage in principle is a statement from a lender confirming how much they may be willing to lend you, based on some basic information such as your income, outgoings, and credit history. It is not a full mortgage offer, but it helps you understand what you could afford before making an offer on a home.

You can typically apply for an MIP online or through a mortgage broker. It is quick to obtain, often within minutes, and usually valid for around 30 to 90 days. When you make an offer on a property, having an MIP in hand shows sellers that you are ready to proceed and that your finances have already been provisionally checked.

Why Might You Want Two Mortgages in Principle?

There are a few legitimate reasons why someone might want two or more MIPs at the same time:

1. Comparing lenders – Different banks and building societies use different affordability calculators and criteria. One might lend you significantly more than another, or offer a more competitive rate.
2. Different scenarios – If you are not yet sure whether you will buy alone or with a partne, you might want to see how each scenario affects your borrowing capacity.
3. Changing circumstances – If you have recently changed jobs, increased your deposit, or paid off a debt, you might want to refresh your MIP to see if your options have improved.
4. Broker vs direct applications – A broker might obtain one MIP from their recommended lender, while you might have already received another directly from your bank.

Having multiple MIPs can therefore be a useful part of the research and comparison process, especially when guided by a broker who understands which lenders are best suited to your situation.

Will Having Two Mortgages in Principle Affect Your Credit Score?

This is one of the biggest concerns homebuyers have. The good news is that most lenders perform a “soft” credit check when you apply for a mortgage in principle. Soft checks do not affect your credit score and are only visible to you, not other lenders.

However, a few lenders still carry out a “hard” credit check, which leaves a footprint on your credit file. Too many hard checks in a short period can make it appear that you are applying for multiple forms of credit at once, which could slightly lower your score or raise questions when you later make a full application.

If you are unsure which type of search a lender uses, a mortgage adviser can tell you before you apply. This is one of the key reasons why professional advice is so valuable, as brokers know which lenders use soft searches and can protect your credit rating during the early stages of your homebuying journey.

Do Lenders Mind If You Have Multiple MIPs?

Lenders do not generally mind that you have obtained more than one MIP, especially if they are based on soft credit searches. An agreement in principle is not legally binding for either party. The lender is not guaranteeing to lend you money, and you are not committing to take a mortgage with them.

That said, if you go on to make full mortgage applications with several lenders at once, that is a different matter. At that stage, multiple hard credit checks could affect your score and raise red flags. It is therefore wise to narrow your choice to one preferred lender, ideally with the help of a broker, before proceeding to the full application stage.

Why Using a Mortgage Broker Makes Sense

While it is possible to apply for multiple MIPs yourself, doing so through a mortgage broker has several clear advantages:

• They know which lenders to approach. A broker can quickly identify which lenders are most likely to approve you based on your personal and financial profile.
• They can compare borrowing limits. Instead of applying for several MIPs manually, your broker can run affordability assessments across multiple lenders without damaging your credit score.
• They protect your credit record. Brokers know which lenders use soft versus hard checks, and can sequence applications carefully to avoid any unnecessary hits to your file.
• They can access exclusive deals. Many brokers have access to intermediary-only mortgage products that you will not find by going direct.
• They handle the admin for you. From gathering documents to liaising with underwriters, brokers take the pressure off and help your application go through smoothly.

Using a broker also saves time. Rather than filling in several separate MIP forms and guessing which lender is most suitable, a broker can do the research for you and provide a clear picture of your best options.

How to Manage Multiple MIPs Responsibly

If you do decide to obtain more than one mortgage in principle, keep these practical tips in mind:

1. Check the credit check type before you apply. Aim for soft searches wherever possible.
2. Keep track of expiry dates. MIPs usually last 30–90 days, so make a note of when each one expires.
3. Be consistent with your information. Discrepancies between applications could cause confusion later.
4. Do not make multiple full applications. Once you have found the right lender, focus your efforts there.
5. Work with a broker to ensure your strategy aligns with your goals and credit profile.

The Bottom Line

So, can you have two mortgages in principle? Yes, and for many buyers, it is a smart way to explore your borrowing power and compare options. But while it is possible to do this independently, working with a qualified mortgage adviser makes the process much safer, simpler, and more strategic.

A broker can help you identify which lenders to approach, explain how multiple MIPs may affect your credit score, and ensure that you are well-positioned when it is time to make a full application. Whether you are a first-time buyer, home mover, or looking to remortgage, speaking to an adviser from Mortgage Adviser Directory could save you time, stress, and money.