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If you are being assisted in your purchase with the aid of a mortgage it is important that you receive a formal mortgage offer is in writing before you proceed to exchange contracts.
The lender must confirm to your Solicitor the terms on which they will lend the money to you. Once received the solicitor will check the offer and report to you on the terms of the offer.
Generally the lender will require time following the issue of the offer to process the release of the mortgage funds to the Solicitor once they receive the request from the Solicitor to release the monies. This is called a certificate on title which the Solicitor submits to the lender once the Solicitor is satisfied that all the conditions on the offer has been satisfied.
Lenders generally need 7 days notice of the completion date.
We will request the lender to send the money to arrive the day before completion. The reason for this is to reduce the risk of the money arriving late or not at all on the completion day. Lenders will charge you interest from the day the money is sent.
It is important that you read your offer in full and understand the terms of your mortgage offer and contact your Solicitor if you do not understand them.Also check if there are any Special conditions on the offer.
In particular please check the amount you are borrowing and the repayments are correct.
Check if your lender is to deduct any monies from the mortgage advance on completion
When you take out a mortgage you agree to make monthly payments and comply with certain conditions. If you do not comply the lender can repossess and sell the property to pay off the mortgage loan. If the lender sells the property for less than the outstanding mortgage loan you will still be liable to pay the unpaid debt.
Make sure you understand the penalties that could apply if you decide to pay off your mortgage early
Please note that unless the lender has agreed to transfer the loan to your new property all loans secured on the property must be paid from the sale proceeds.