Standard Mortgage Deed

cramatdel

I'm currently in the process of buying a newbuild property off plan and have been offered a mortgage, but the mortgage offer runs out in September, whereas the property will not be built until December.

We are looking to exchange contracts soon. I'm not sure whether we need to sign the Standard Mortgage Deed or not - we may not be taking up this mortgage as the offer may not get extended, and we may end up going with another provider.

Does signing the Deed commit me to anything? I'm not really sure what the form is for - can anyone explain?

Thanks.

Thrugelmir

The mortgage deed formalises the contract between yourself and the lender. The deed will need to be signed after exchange ready for submission to the land registry after completion. The deed in effect secures the mortgage debt against the property.