You will receive this formal offer once your application for a Mortgage has been approved by your Mortgage lender. We will also receive a copy and the offer will include a list of questions and conditions that the lender will require us to answer and comply with before they will send the Mortgage monies to us. We strongly advise against Exchange of Contracts until this offer is received.
The formal offer of mortgage defines the amount that is to be paid together with all other terms of the loan, including the term and initial interest rate etc.
Sum of money that the lender offers to lend you to pay for a property.
The offer of a loan of finance to you by your lending institution. This becomes a Loan Agreement when the offer is accepted.
A formal offer of mortgage issued by a building society, bank or other lender once the usual formalities such as references and valuation have been carried out.
Following the receipt of satisfactory credit searches, references and a survey of your property, your chosen lender should then be able to provide you with a formal written Mortgage Offer. This will advise you of the amount they are prepared to lend to you together with details of the mortgage scheme you have selected and the expected cost of the mortgage. A copy of this form will also be forwarded to your solicitor together with the documentation required for completion. Mortgage Term This is the number of years over which the mortgage is arranged. If a capital and interest mortgage is being considered then it is worth looking at shorter terms than the traditional 25 year mortgage as considerable interest savings can be made by reducing the mortgage term by even a couple of years.
A letter detailing a formal offer from a lender and setting out the terms and conditions of the prospective loan. The mortgage offer will usually be valid for a finite length of time, typically 6 months, during which time the legal formalities of the purchase or re-mortgage must be completed. Also known as a 'loan commitment'.
This is a formal document from the lender stating how much it is offering to lend you and on what terms and conditions.
The formal document issued by a Mortgage Lender to a Borrower confirming that the lender is happy to advance them the money. This will only be issued once the lender is satisfied that the borrower is creditworthy and the property offers good security.
The document which states that the lender is prepared to offer a mortgage for the purchase or remortgage of a property. This document will give details on the exact amount of money that will be lent to you and on what terms.
The document which states the terms on which the Lender is prepared to offer a loan for the purchase or remortgage of a residential property.
The letter (advice) from the lender offering you the loan and setting out the terms and conditions upon which it is offered.
A formal written offer laying out the terms of a mortgage loan
Formal offer from your lender issued after their valuation has been carried out and income references and credit checks have proven satisfactory. Issued subject to conditions the offer refers to the gross advance i.e. the amount you pay interest on and the net advance i.e. the amount you can put towards paying for the property. Money is lent on many terms. You can have fixed rate, capped rate, discounted rate or variable rate mortgages on a straight repayment basis or endowment PEP or pension basis.