Swedish mortgage pre-approval: free, but on your credit file 12 months

A mortgage pre-approval ("lånelöfte") is the bank's first answer on how much you can borrow, and each application stays on your credit file for 12 months. It is usually free, but it does not bind the bank.

It also lasts only a limited time. This is what that means when you buy a home in Sweden.

What a pre-approval promises

With a pre-approval, the bank makes a first assessment of how much you can borrow. It looks at your income, debts and costs, and tests you at a higher rate than today's.

Sweden's consumer bank and finance bureau ("Konsumenternas Bank- och finansbyrå") points out that, despite the name, a pre-approval does not bind the lender. The final credit assessment only happens when you apply for a loan on a specific home.

How long it lasts

There is no common rule. Each bank decides. Swedbank, for example, says its pre-approval is free, lasts six months and can be renewed. Check the date on your own pre-approval.

If it runs out during a bidding round, you need a new one. Renew in good time if you are still looking.

A pre-approval covers the loan, not the price

A pre-approval states how much you may borrow. That is not the same as how expensive a home you can buy.

Say you get a pre-approval for SEK 3,000,000. The mortgage may be at most 85% of the price under the loan-to-value cap ("bolånetak"). Then you can buy for up to about SEK 3,530,000, but only with a down payment ("kontantinsats") of about SEK 530,000.

If you have only SEK 450,000 saved, your ceiling is a price of SEK 3,000,000, because 15% of that is SEK 450,000.

Always work out your maximum price before you go to viewings. The applying chapter of the mortgage crash course lists the papers the bank wants to see.

What it costs in credit checks

The bank pulls a credit report on you, often from the credit agency UC. According to UC, an inquiry stays visible in its register for twelve months. Other lenders who check you can see that you have applied for credit.

A few inquiries matter little if your finances are otherwise sound. But UC says a large number of inquiries is always negative for your credit score. For someone already close to the limit, it can tip the balance.

Each time someone pulls a credit report on you, you get a copy of it. Sweden's Credit Information Act requires this. So you can see for yourself how many have asked.

If you apply for pre-approval at five banks in the same month, that is five inquiries. Pick one or two banks instead. Negotiate the rate once you have found the home.

Once you have found the home

Now you apply for a loan for that specific home. The bank makes a final credit assessment. If it approves the loan, you get a binding offer. It is in writing and contains all the terms. The bank may not change it or say no once you have it.

The bank must also give you at least seven days to consider the offer. Use them to compare with other banks. Once you have signed the agreement, there is no right to cancel a mortgage.

What can still make the bank say no

A pre-approval rests on the information you gave. If that changes, the answer can change. For example:

• You change jobs or your pay goes down.
• You take a new loan, such as a car loan.
• The home is valued lower than your bid.
• The housing association has weak finances or high debt.

Call the bank before you bid high if anything has changed. A no before the bidding is better than a no after the contract.

Sources

• Konsumenternas Bank- och finansbyrå: Applying for a mortgage, 29 October 2025 (Swedish)
• Swedbank: Apply for a mortgage pre-approval (Swedish)
• UC: Recent inquiries (Swedish)
• UC: How we assess credit inquiries (Swedish)
• Credit Information Act (1973:1173), section 11 (Swedish)

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This content is general information, not financial or legal advice. Bolån Radar collects data from banks and authorities and cannot guarantee that it is complete or free of errors. Talk to your bank or an adviser before you decide.