letter of offer ?

B

BJB10001

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Hello
have got approval in principle from bank for mortgage amount. will any further credit checks etc. be carried out before letter of offer is given. have been told that just valuation is pending for letter of offer.
Also is letter of offer a binding contract from the bank ?
Thanks a lot
 
Also is letter of offer a binding contract from the bank ?


No - I'm not sure what status it has but I don't believe you could sue on foot of a letter of offer if lending institution pulled out at a later date. This happened to a purchaser from one of my clients and he could not complete the purchase and lost his deposit.

mf
 
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