Mortgage Offers

What must be received before a Mortgage Offer can be checked?

• Stamp Duty Declaration

• Replies to Solicitor enquiries

• Search Results

• Contract Papers

  ID

  Starter Form

What is a Valuation Report?

• Provides an estimate of what the property is worth for lending purposes

• Uses a Traffic Light System to rate individual elements of the property

• Provides advice on defects and the appropriate repair options

• Details serious problems or issues on the condition of the property

What should be checked once the client returns the Mortgage Deed?

• It has been signed in the correct place and the clients signature matches their ID

• The Deed has not been dated and we have the original

• The Mortgage Deed has been signed by an adult independent witness

• That all borrowers signatures have been witnessed

Once we have checked the Mortgage Offer what do we send to the client?

• Official Copies of Title

• Title Plan

• Mortgage Deed

  Mortgage Offer

  Mortgage Report

  Completion Statement

• Search Results

Before you refer an issue to the Mortgage Lender what should you do first?

• Have we received a copy of the Valuation Report?

• Have all Solicitor enquiries been answered?

• Check the UK Finance Handbook and then obtain client approval. Speak to Team Manager if still unsure

• Have all Search Results been received?

When would you request Mortgage funds to arrive for?

• One working day prior to completion

• On the day of completion

• One week before completion

• The day after completion

What is an Indirect Mortgage Offer?

• Where the Mortgage Offer has the same people borrowing and buying

• The Offer comes Indirectly to us from the Broker

• Where the Mortgage Offer has more borrowers than buyers

What must we always do once we receive a Mortgage Offer on a Shared Ownership purchase?

• Unless already detailed in the Mortgage Offer, inform the lender the property is Shared Ownership

• Take the clients authority and send a copy of the Offer to the Landlord/Housing Association

• Send a copy to the Sellers Solicitors

• Do not Exchange until the Mortgage Offer has been approved by the Landlord/Housing Association

How many days notice do Mortgage Lenders require to send Mortgage funds

• One working day

• Seven working days

• Five working days

• Check 10.2 b) of the UK Finance Handbook