What is pre-approval and why does it make your offer stronger?

In a competitive property market, pre-approval is one of the simplest ways to give yourself an edge. Here’s what it means and why it matters.

What pre-approval is

Pre-approval is a lender’s confirmation of how much you can borrow, based on your income, expenses and credit profile. It turns a vague sense of “what can I afford?” into a firm, reliable number before you start making offers.

Why it makes your offer stronger

• You look serious. Sellers and estate agents take a pre-approved buyer far more seriously than one who hasn’t checked their finances.
• You can move fast. When the right home comes up, you can make a confident offer without delay.
• You shop in the right range. No wasted time viewing homes outside your budget.
• You spot problems early. If anything needs attention on your credit profile, you find out before it costs you a deal.

How to get pre-approved

It’s quick and free. You provide some basic financial information, and a lender assesses what you qualify for. Through Landsdowne, your pre-approval can be arranged across multiple banks, so you understand your options from the start.

How long does it last?

Pre-approval is typically valid for around three months. If you haven’t bought within that time, it can usually be refreshed.