As the saying goes, confidence is key. And when it comes to applying for a mortgage, there’s nothing more confidence-inspiring that getting a mortgage pre-approval.
Also known as an agreement in principle (or decision in principle), think of a mortgage pre-approval as a pre-flight check.
As a Guildford mortgage broker, our role is similar to that of a flight engineer. We ensure that the application is in good order and ready to be presented to the lender before submission. This may require ironing out any niggles that could negatively impact a lender’s decision, or highlighting aspects that may be viewed favourably.
For the applicant, our role is to ensure that they have carried out everything possible to ensure that their application is well-received.
Having asked our team of Surrey mortgage brokers for reasons why they think getting a mortgage pre-approval is crucial, here are their top five.
1. Get serious
It’s sometimes easy to overlook the role of the estate agent when it comes to getting a mortgage in the UK. As a Guildford mortgage adviser, we’d naturally say that we’re the most important gateway to getting a mortgage. However, it’s the estate agent that’s the gateway to your next property. So, it’s important to get them on side by showing them that you’re committed to the process. By attending a viewing armed with an agreement in principle in hand, they’ll know that you’re serious about buying, in a position to proceed and less at risk of wasting their time.
2. Be realistic
Getting a decision in principle isn’t solely a box ticking exercise. In fact, if you’ve been pre-approved, it means that your income, debt and credit rating will have been examined, all three of which provide the foundations for getting a mortgage. Also, from a purely practical perspective, it means that you know exactly where you are with respect to how much you can afford. Viewing a house valued at £850,000 is waste of your time (and that of the estate agent’s) if what you really can afford is £750,000. An agreement in principle sets the scene, establishes what you can afford and gives you a clear idea of what the lender is likely to lend based on your affordability levels. Many people start with looking at properties, when their first step should be getting a mortgage agreement in principle.
3. Competitive advantage
So far in 2025, the property market has been pretty busy. Mortgage lending hit a four-year high in March and demand remains strong. If you get a decision in principle, you’re already half way there. So, if you’re ready to make an offer on a property alongside two other people who are also interested but who don’t have a mortgage pre-approval, you’re going to stand out. A mortgage pre-approval isn’t just a practical step to help you with budgeting. It’s also a tool that can be used to give you a competitive edge in a market that is renowned for being highly competitive.
4. Troubleshoot early
As a mortgage broker in Guildford that’s secured tens of thousands of mortgages for our clients, we can honestly say that mortgage pre-approvals have been essential in getting the mortgage over the line. Not just because it’s a key part of the process, but because it’s highlighted potential issues (unnecessary credit card debts, applicants not being on the electoral roll, dormant bank accounts) that can negatively impact a mortgage application. The three issues highlighted here are all fixable, so having the time to spot and correct them early on in the process will save delays further down the line.
5. Lock in
If there’s one thing that our Guildford mortgage advisers repeatedly say (and that you’ll often find threaded throughout our mortgage advice articles), it’s that a decision in principle is sometimes linked to a product. So, if your mortgage pre-approval is based on a two-year fixed rate of 4%, and then the Bank of England increases the base rate by 1%, which lenders respond with by increasing two-year fixed rate deal by 1%, you’ll still qualify for the rate you were quoted before the rise. Getting a mortgage pre-approval goes some way to protect yourself against future rises.
2025 has been a busy year for the property market. As a result, we would encourage those about to move to make getting a mortgage pre-approval their first port of call. Simply call our Guildford mortgage brokerage, and we’ll do the rest.
Looking for an award-winning UK mortgage broker? Contact the team on 01483 238280 or e-mail info@complete-mortgages.co.uk.
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