Mortgage Basics · 5 min read

Pre-Approval: What It Is and How Long It Lasts

By: Keystones Mortgage Consultancy · Last Reviewed: 2026-10-21

Article Summary & Key Themes

Why securing pre-approval before property viewings gives you negotiation leverage and protects your deposit.

An in-principle mortgage pre-approval is a formal assessment by a lender confirming the maximum loan amount they are prepared to advance based on verified income and creditworthiness.

Validity and Protection

Pre-approvals typically remain valid for 60 to 90 days. Having pre-approval in hand provides sellers with confidence in your financing capability and ensures you do not forfeit deposit cheques due to unexpected bank rejection.

Rate Risk Notice: Fixed rates usually last 1–5 years. After that your rate typically follows EIBOR plus the lender's margin, so payments can go up or down.

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