Mortgage Deal

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It ain't over 'till the bank manager signs

All that paperwork is just a maybe: you don't have a mortgage deal until the lender has received the surveyor's report and seen proof of your income. Without a formal letter of offer from the lender, your mortgage might not happen which is why you should start the process early.

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When you apply for a mortgage you can get a decision very quickly often in minutes but it's important to note that the lender isn't making a definite promise. The decision is called an "in principle" decision, which is short for "in principle we're willing to lend you the money, but there are a few conditions you need to satisfy first." Until those conditions have been satisfied, you don't have a mortgage deal.

The conditions attached to your mortgage deal vary according to the kind of mortgage you're applying for, but most of the time they will include a successful survey of the property to make sure the value hasn't been overstated and that it's not going to collapse any day now; a credit check; and various paperwork. If you're in full time employment the lender will expect to see copies of your payslips, while if you're self-employed the lender may ask for copies of your accounts or tax returns, and may also want to speak to your accountant.

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