verbal offer

Roger316

Hi I've been in the mortgage application a few weeks where I've been chasing everyday for an update, there were a few complications with my mortgage offer, where conditions were set which we couldn't meet. Anyways to cut a long story short we asked the lender for a revised mortgage offer..which Ive been verbally told by the mortgage department "We are satisfied with all the documents received, your revised mortgage offer will be issued today". I know basic English, but the question is can lenders verbally inform me of their decision over the phone. Thanks

ACG

I doubt it will be legally binding but its not uncommon for underwriters to know it will get offered but have just not had the time to get round to doing it physically.

As an example I was in a lenders officers last friday, bobbed over and went to see the underwriter and he took a quick look and said it will be offered before the day was out, that was at about 3pm. 5.30pm I received an email to say it had been offered.

Things like that have happened on a few occassions although its not so common that I am actually in their offices at the time, it is normally said over the phone.

kingstreet

Your lender appears to have done exactly that.

Thrugelmir

The offer will be subject to terms and conditions. They cannot possibly read you these over the telephone. At the very least you would need to have the opportunity to read these prior to acceptance.

Roger316

ACG wrote: »

I doubt it will be legally binding but its not uncommon for underwriters to know it will get offered but have just not had the time to get round to doing it physically.

As an example I was in a lenders officers last friday, bobbed over and went to see the underwriter and he took a quick look and said it will be offered before the day was out, that was at about 3pm. 5.30pm I received an email to say it had been offered.

Things like that have happened on a few occassions although its not so common that I am actually in their offices at the time, it is normally said over the phone.

Thanks, can I be optimistic about this then? Or does it not mean anything until in black and white?

Roger316

kingstreet wrote: »

Your lender appears to have done exactly that.

sorry King Street, I'm being thick. I'm missing your point?

ACG

I would relax knowing its on its way, but dont hold me to that :P

kingstreet

If a lender tells me a case will be offered/has been offered, I expect the applicant (and I) to get their (our) copy within a few days and will use the conversation when I was told the offer was out/imminent to request an explanation if it isn't/wasn't...