Is it possible to get pre approval for a loan 12+ months before settlement when purchasing off the plan.
I know some pre approvals only have a max term of 3-6 months, I don't want to renew/apply for a pre-approval every few months. If we do, will this look bad on our credit file?
The reason we will have to do this is because the solicitor would like some guaantee from a lender pre approving finance now before exchanging contracts even though settlement isn't until 12+ months.
What options do we have? – Can the banks/lenders provide pre-approval letter without accessing our files.
No. The approval indicates that you should be OK assuming your circumstances do not change.
Even with a 3 – 6 month pre-approval or any application. If the bank does employment checks before settlement and you are not employed they can pull the pin:- or at least ask for more info.
A loan is not unconditional until funded / settled.
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