Best Buy Mortgages Glossary - Mortgage Offer
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Mortgage Offer
This is the document issued by a mortgage ender to a prospective
borrower following approval of the mortgage application.
Your mortgage offer will set out in detail the conditions on
which the mortgage is being made available to you and the
mortgage term - the length of time over which the loan is being
made available. Mortgage offers are typically peppered with
legal terminology such as mortgagee (the lender) and mortgagor
(the borrower) and the contract will set out whether the lender
requires you to buy mortgage protection insurance.
You should study the mortgage offer carefully! These documents
are normally valid for a limited period of 3-6 months but they
are not irrevocable. This means the lender may still withdraw
the funds if there are any material changes in your
circumstances (such as redundancy) before the loan is completed.
If the loan does go through, both you as borrower and the
mortgage lender are bound by the conditions and terms outlined
in the mortgage offer.
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