Loan offer letter

choccymousse

Hi folks,

We just got mortgage approval and were told that the loan offer letter is on the way . They said it will have a number of conditions and when we get the letter to have a read through them and give them a shout back. Just wondering would anyone have an idea of what these conditions might be. I am just worried that it will all fall apart at the last hurdle !

Thanks for any help you can give

Diane Selwyn

It will most likely reflect what you have already discussed with them and just sets out the precise details of the offer with interest rates, term, repayments and etc. You have to formally agree to everything in writing and on your solicitor's advice or let them know if you want to make any changes (within the options they have available) for example from a variable to fixed interest rate - then they would probably need to reissue the offer letter.

PixelTrawler

There will be a set of conditions in relation to each applicant. Such as salary confirmation statements. Basically to backup whatever details you have given. If money was gifted they may require letters in relation to aspects of that.

Its usually fine, just formalising what was discussed with the bank and backing up with evidence.

phormium

Normal conditions would include need for life cover, house insurance, various conditions relating to fixed or variable rate, direct debit to be set up probably, any outstanding documentation. All loan offers have conditions, most are pretty standard.