Full Offer letter from Bank and Requirements?

A

Acorn22

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Hi we have received mortgage approval in principle and will be look to draw down over the next few weeks. Do we require a 'full offer letter' from bank and what other requirements are needed? I say this as I am looking to splash the cash out over Christmas and have a good time. Will they look for bank statements too?

Thanks
 
In my case (self employed + paye spouse) after AIP, to go full drawdown required everything again up to date and valuation from bank that the house was worth the buying price. Solicitor requested the drawdown btw. Mortgage insurance protection needed to be in place, as did house insurance (which I always find funny as we dont actually own the house yet when setting up insurance!). This was our third time doing this (buying) yet everytime is stressful and always takes longer than you think. (We bought this time last year so pre-Covid!).
 
Oh no - I've got santy in my house. I hope the banks are ok about santa coming to town.
 
An AIP is miles away from drawdown. Unless you are meaning something other than the usual one page 'you are approved for' letter that isn't based on a particular property and is just really calculating based on your income what you could borrow.

You will need a full loan offer before you are anywhere near drawdown territory and that would require salary certs/payslips/statements to start with and what ever other paperwork the bank fancies.
 
Monbretia said:
what ever other paperwork the bank fancies.
Click to expand...
Just want to add to this, if you are self employed, something my bank wanted last year was a letter from my accountant basically saying that my future income looked secure! I've never had that asked for before. So it really is whatever else the bank wants! Thankfully my accountant didn't foresee a pandemic on the horizon!!
But yeah, AIP is what you really should have before looking for a house. Once you find one, go sale agreed & have a solicitor, loan offer then drawdown is almost the last bits.
 
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