Decision in Principle- Changing Budget

[Unexpectedbaby]

I wonder if anyone knows if it is possible to change the value of your decision in principle without there being any impact on your application as a whole?

We have a DIP at £375k, which is a self imposed budget. Our affordability is over £460k but we don't want to go that high at all! There are a couple of properties near us that are listed at £400k that we are interested in and which would potentially be worth us stretching just over the £375k (less work needed doing, fully integrated appliances, already extended etc)

I assume I can't offer on my existing DIP but don't want to screw anything up by getting a new one.

DIP?

It's right there in the first sentence

Just get a revised DIP up to your maximum budget.

Thank you! Everything is so bleeding complicated I doubted it could be that easy haha

I don't know what a decision in principle is

@justasking111 google is your friend if you are on a sub board and don't know terminology. It may also be called an AIP.

Decision in Principle is confirmation from your mortgage lender of how much they’re willing to lend you for your mortgage.
Sometimes a Decision in Principle is also called:
• an Agreement in Principle
• a Mortgage in Principle
• a Mortgage Promise
• a Lending Certificate
A Decision in Principle makes it easier when you start to look for properties and buy a home. You’ll have an idea of what your budget is, and you can show it to estate agents and new home builders to prove you’re a serious buyer.
When changing to a different lender or borrowing more, you’ll still need to get a Decision in Principle.
A Decision in Principle is not a mortgage offer, so you’ll still have to make a full application to see if you can get a mortgage.

@Unexpectedbaby when we were looking, we just got the DIP for the biggest amount they were happy with. We used the how much could you borrow as a guide for the DIP amount. That way we didn't have to worry about what we were looking at if we wanted to go over our own budget. The only drawback to this would be if the EA wants to see a DIP before you offer although they have only ever asked me for this after the seller has accepted an offer to issue the memorandum of sale.