Document background
The Offer Letter Mortgage is a crucial document in the Irish property financing process, serving as the formal offer of mortgage funding from a lending institution to prospective borrowers. It is issued after the initial mortgage application has been approved and before the final mortgage documentation is executed. The letter must comply with strict regulatory requirements under Irish law, including the Consumer Credit Act 1995, the Consumer Protection Code 2012, and relevant EU directives. This document typically follows a successful mortgage application and property valuation, setting out the specific terms and conditions of the proposed mortgage, including loan amount, interest rates, repayment terms, and any special conditions that must be met before drawdown. The Offer Letter Mortgage forms the basis for the subsequent mortgage agreement and must include all mandatory warnings and disclosures required by Irish regulatory authorities.
