Mortgage offer issued

bazzmac

Hi just heard from the bank that a mortgage offer has been issued to myself and my solicitor, what happens next and what does this mean exactly?

Wutang_2

bazzmac wrote: »

Hi just heard from the bank that a mortgage offer has been issued to myself and my solicitor, what happens next and what does this mean exactly?

Do you think a mortgage is right for you??

bazzmac

Wutang wrote: »

Do you think a mortgage is right for you??

What do you mean by that ? If you are asking is the mortgage deal right for me then yes it is.

The last time I used a broker for my mortgage so all I basically done was read and sign paper work and on the day of the purchase turn up to my solicitors and read and sign more paper work there. That was a good few years ago so i've forgot some of the stuff that happened, i.e. mortgage offer issued.

This time I have went it alone and so far it has been hassle free.

yelf

it means based on the valuation matching what you think the house is worth then you can get the mortgage.

natman

bazzmac wrote: »

Hi just heard from the bank that a mortgage offer has been issued to myself and my solicitor, what happens next and what does this mean exactly?

Hi,
The mortgage offer is a pretty critical piece of the puzzle when purchasing a house.
It basically means that the bank/building society have sent details to your solicitor highlihting what they are willing to lend you. the bank or building society will have evidence from surveys / valuations / credit checks / deposits etc, that allow them to make a financial decision.

This may be all of the money requested or it may be less. its worth checking it over and reading it as some offers come with conditions attatched.

as soon as you get the offer in writing and all is well(hopefully) you can look at trying to exchange contracts and get any monies you need to move sorted.

Hope this helps.

bazzmac

natman wrote: »

Hi,
The mortgage offer is a pretty critical piece of the puzzle when purchasing a house.
It basically means that the bank/building society have sent details to your solicitor highlihting what they are willing to lend you. the bank or building society will have evidence from surveys / valuations / credit checks / deposits etc, that allow them to make a financial decision.

This may be all of the money requested or it may be less. its worth checking it over and reading it as some offers come with conditions attatched.

as soon as you get the offer in writing and all is well(hopefully) you can look at trying to exchange contracts and get any monies you need to move sorted.

Hope this helps.

This helps loads, many thanks for taking the time to explain it, it is all the money requested, I have been told this verbally will check and see if there are any conditions although the girl did say the only condition was the valuation, which actually came back £8000 over what I am going to be paying, will defo have a read through though to make sure everything is to my satisfaction. Thanks again for your help:beer: