Mortgages Explained UK - (How The Offer Works & Process)

Mortgages Explained UK - (How The Offer Works & Process)

We the lawyers receive a mortgage offer direct from the mortgage lender, this is our instruction to act on behalf of the bank as well as yourself the buyer. The mortgage will detail the following:

* The amount you are borrowing from the bank
* The period of time taken
* When the offer will expire
* The monthly payments

Within the mortgage offer there are a crucial number of special conditions, these are very important as you being the borrower and us as the lender need to adhere too. You must ensure you are happy with the same as any issues may delay completion or in the worst case scenario prevent completion from taking place at all.

Typically mortgage conditions include matters such as:

* Maintenance - Keeping the property in good repair and ensuring there aren't any damages.
* Inhabitants - Informing the lender if you wish to let the property
* Insurance - Upholding and maintaining the properties insurance
* Finances - Making the lender aware if you are facing financial issues or threat of bankruptcy


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