Receiving a mortgage offer
All being well your mortgage application is accepted; you will be offered the mortgage, often known as an offer in advance. This offer will lay out the terms of the mortgage offer and will often state the amount that the lender is willing to lend you, the interest rate of the mortgage, the length of time the mortgage will run for and it will also contain the conditions on which it is offering you the mortgage. It is important to read, check and understand these details to make sure the offer matches the deal you originally applied for. You must remember that if you decide to go ahead and finalise the mortgage offer, the terms of the contract are binding.