Getting Conditionally Approved

What Is Conditional Approval?

A conditional approval means that a bank has agreed to lend you a set sum of money, granted particular terms or conditions regarding a property are met. Conditional approval does not mean that you have agreed to a mortgage or bank. It is a free process that allows you to feel confident in how much you could afford when buying a property. It is important to note that the lender reserves the right to approve the property.

How Do You Get Conditional Approval?

You can gain conditional approval by:

• Speaking with a mortgage broker
• Visiting a bank’s website
• Speaking with a bank lender.

When entering into a Sale and Purchase Agreement on a property, a finance is always recommended for every contract in which a lender is involved. It is standard to allow 10 working days for finance, however, you should check the number of days required with your lender.

Why Use A Mortgage Broker?

A mortgage adviser is able to take an impartial view of hundred of loans from a range of lenders, including the big name financial institutions to small banks and credit unions, and work with you to match the right loan to your goals and financial position.

A mortgage adviser will:

• Assess your needs and financial position and recommend competitive loan options.
• Take the time to explain the full process, from application to settlement.
• Do most of the leg work, acting as an intermediary and negotiating with the lender.
• Complete mountains of paperwork, leaving you to simply review and add your signature.
• Liaise with key parties, including solicitors and real estate agents, to ensure a smooth settlement.
• Perform ongoing reviews for you after settlement to make sure you are always on a competitive loan.

If you would like more information on this FREE service or to speak to our in-house mortgage broker, please use the contact form below or call us on 0800 YELLOW.