Mortgage Offer Reflection Period

plasmarb

Hello

Can someone explain what the above is?

I have 2 option and don't understand either.

minimike2

It is a seven day right of reflection. It means you have 7 days in which you can decide if you wish to proceed or not, during which the loan will not complete.

That is unless you waive that right of reflection.

If you are not due to complete in the next 7 days it doesn't really matter either way. If you need an urgent completion you need to waive the right to the reflection period.

Basically it's a total nonsense brought in by Brussels as part of standardising the mortgage process across Europe. I would guess it will be one of the first things removed once we are out.....It's a waste of time. Irrelevant to those who don't need a completion within 7 days of offer and just extra work and the potential for costly delays to those who do need an urgent completion.

plasmarb

So I should opt to waive my rights option rather than wait until end of reflection period.

minimike2

That decision is yours to make.