A lender’s reflection period is a period of time that is set aside by a lender for the borrower to consider the terms of a mortgage offer and to decide whether to accept or reject the offer.
During the reflection period, the borrower is not obligated to accept the offer, and may take the time to review the terms and conditions of the mortgage, seek advice from a financial adviser or solicitor, and consider other options before making a decision.
The length of the reflection period can vary, and is typically specified in the mortgage offer. It is important for borrowers to carefully review the terms of the offer and to take the time they need to make an informed decision about whether to accept the mortgage.
Lenders are required to provide borrowers with certain information about the mortgage, including the interest rate, the repayment terms, and any fees or charges that are associated with the mortgage, in order to help the borrower make an informed decision.
