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Get an understanding of how much you may be able to borrow and at what terms prior to making a full application. Indicative Terms may also be known as a ‘Mortgage in Principle’, a ‘Decision in Principle’ or a ‘Mortgage Promise’. You can use Indicative Terms to show that you may be in a financial position to purchase a property with an estate agent or those selling a property.
Please note that Indicative Terms are subject to any conditions precedent and are not a guarantee that a lender will lend to you
What are Indicative Terms?
Commercial mortgage indicative terms are the likely commercial terms upon which, for example a lender will lend. Indicative terms are subject to the lender’s internal credit approval and other conditions precedent.
What does conditions precedent mean?
Conditions precedent is a condition or conditions to an event that must occur before a right, claim, duty or interest arises. In a loan, such as a mortgage, a condition precedent is an event that must be satisfied prior to a formal mortgage offer being made.