Your home may be repossessed if you do not keep up repayments on your mortgage.
If you want to go ahead with your mortgage, you will need to accept the mortgage offer. From this point a large amount of the work will be carried out by your solicitor or licensed conveyancer.
There are now just a couple of things that will happen in relation to your mortgage before it is all finalised.
You will receive a document known as a mortgage deed from your solicitor or licensed conveyancer. This is the legal contract between you and your lender. Your solicitor should explain the conditions of the mortgage deed to you and both you and the lender will need to sign it.
Before completion, your solicitor or conveyancer will send a report to your lender known as the 'report on title' which tells the lender the results of searches carried out on the property and gives details about the legal title to the land. The lender then checks that everything in this report is in order. Following this, your solicitor/conveyancer will ask your lender to transfer the money you are borrowing to your solicitor/conveyancer. On the day of completion the outstanding purchase money is transferred to the seller's solicitor/conveyancer and you receive the keys to the property.