The lender will offer the amount you have asked to borrow but will hold back all or part of the loan until you have met certain specific conditions that will be clearly stated in your offer. Your solicitor will have to confirm these have been met before the lender will release the funds offered in full.
Usually this occurs where a property is in need of substantial repairs and the lender wants to ensure that they are carried out.
Respect Mortgages enables borrowers at all stages of life to better understand their mortgage options.
We aim to publish useful articles and content that explains your mortgage products and options, without the normal jargon.
Office 3357 - 321-323 High Road,
Chadwell Heath, Essex RM6 6AX
This website is not authorised or regulated by the Financial Conduct Authority and the published content does not constitute financial advice. Any information you use or guidance you follow is at your own risk. We work with a fully authorised independent mortgage broker who is able to offer you expert advice for all types of mortgages. By making an enquiry you agree that your information will be passed to a qualified mortgage broker.
Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it. Respect Mortgages is a trading style of Respect Digital Limited. Registered office: Office 3357 321-323 High Rd, Romford, England, RM6 6AX