General information only — not financial advice. This content is intended as educational guidance. Consult a qualified financial adviser, mortgage broker, or legal professional before making financial decisions. See our full disclaimer.
Mortgage pre-approval is a lender's written indication that - based on your financial situation - they're willing to lend you a specified amount, subject to conditions. It's not a guarantee, but gives you confidence to bid at auction or make an unconditional offer.
Yes - each pre-approval application creates a "hard enquiry" on your credit file, which can reduce your credit score by a small amount and is visible to future lenders for 5 years.
Yes, and this is recommended. Having pre-approval before you start inspecting means you can move quickly when you find the right property.
No. Pre-approval is conditional. The most common stumbling block is the property not valuing at the purchase price, particularly if you paid above comparable sales.
Use our free calculator to get personalised results based on your specific situation. No sign-up required.