In This Guide
Apply for a mortgage
1. How much can I borrow?
2. How much can I afford?
3. Mortgage application
4. Mortgages online
5. Agreement in principle
6. Confirmation of offer
Buying at auction
Buying in Scotland
Conveyancing
Find and view
Negotiate
Plan your purchase
Success and failure
Surveys and valuations
To buy or not to buy
Apply for a mortgage
Confirmation of offer
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When you get a written confirmation of your offer, you usually receive two things. Firstly, there will usually be some form of standard covering letter, thanking you for your hugely valued business and welcoming you into a family of customers that have their mortgage lender in common.
In addition to the letter, you will receive a written mortgage confirmation. This will normally set out some of your personal details, some facts about the property, your salary details, your solicitors (if you have appointed them by this stage), and will require a signature.
And that is that. The valuation will take place and you should hopefully get a letter back a week or so later confirming that everything was in order. The day that arrives is a happy one, as you know that there is very little n the way of you exchanging contracts with the vendor's solicitor, and ultimately moving in.
On the final completion of the mortgage, you will get another letter, confirming that the funds have been released, confirming the repayments, terms, and a few other details. But by this time, you'll have the keys and will probably be too busy to pay it much attention!
Here is an example of a written mortgage confirmation:
MORTGAGE CONFIRMATION
This Mortgage Confirmation records information given to us orally. You must check this form carefully and if it is correct and complete, please sign and return one copy to us. If incorrect, please initial any changes, sign the form and still return one copy to us.
This document forms the basis of Mortgage Reference No: 0898272727
| Credit Period | 25 years |
MORTGAGE DETAILS
| Mortgage amount |
£149,400 |
| PERSONAL DETAILS | APPLICANT 1 | APPLICANT 2 |
| Full name: | Mr. Luke Overthere | Miss. Annette Curtain |
| Date of Birth: | 23/12/72 | 27/4/73 |
| Marital Status: | Single | Single |
| PROPERTY DETAILS | ||
| Full Property Address: | 23, Fantasy Drive | |
| Wapping Lie | ||
| London | ||
| E14 2BC | ||
| Purchase Price: | £166,000 | |
| Estimated Valuation: | £166,000 | |
| Title of property to be in name: | Mr. Luke Overthere | |
| Miss. Annette Curtain | ||
| Other adult occupiers: | None | |
| ONCOME/OUTGOINGS | ||
| Monthly take home pay: | £1750 | £1300 |
| Total monthly outgoings (including loan repayments and average monthly repayments of credit cards): | £495 | £400 |
| SOLICITORS | ||
| Name & address: | Mr. U R Introuble | |
| 33, Inn Court | ||
| Dock lands | ||
| London | ||
| E14 1ER |
This mortgage has been approved based on the following statements
made by the applicant(s):-
We have never had any legal proceedings for the recovery of debt.
The property is solely for our residential use.
No part of the home will be let.
We declare that the statements which are set out above are
true and correct and we authorise The Mortgage Lender to make
the necessary enquiries in connection with our mortgage application.
| Applicant 1 | Applicant 2 |
|
|
|
| Date of signature | Date of signature |
We understand that our personal details held by you may be used to supply us with information on other products and services available from The Mortgage Lender and note that if we do not wish to receive information of this nature, we should write to you.
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