Pre-Approval

A lender's conditional indication that they'd lend you up to a certain amount — not a binding commitment.

Pre-approval (also called conditional approval or approval in principle) is a lender's assessment that you likely qualify for a loan up to a stated amount, subject to property valuation and final checks. Pre-approval typically lasts 90 days and may include a credit check that's recorded on your credit file. It is NOT a binding loan offer — final approval depends on the specific property and a satisfactory valuation.