|
|
The formal mortgage offer
letter. |
If your application is
successful, and the property
valuation is satisfactory,
the mortgage lender will
send you a formal mortgage
offer letter.
When you receive the
mortgage offer letter from the
lender
it's important to read
through it carefully. The document
will contain the exact
figure the lender is willing
to advance, taking into
account your financial
background and the
property's market value.
If there are any
discrepancies you should
contact the lender as soon
as you can so they can
correct any mistakes or
provide clarification on any
issues.
|
|
Mortgage offer
conditions. |
The mortgage offer will contain
certain terms and conditions
and will normally have a
time limit attached to it.
Some lenders are flexible
once the mortgage offer has
been releases and in many
cases it may be possible to
extend the offer period.
This is particularly useful
if there has been a delay
with the purchase for any
reason and avoids having to
re-apply.
Some lenders will have
conditions to allow them to
revoke the mortgage offer.
for example if you're made
redundant, before completion
of the purchase.
Once you have the mortgage
offer your solicitor will be
able to proceed knowing that
the funds for the purchase
having been secured.
