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On the strength of the value of the property and the documentation provided, the credit department (underwriters) of the appropriate bank will approve or decline the mortgage. If approved, the bank will confirm the final conditions. Assuming all parties are in agreement to proceed, the bank will then liaise with you, the agent and both lawyers to calculate the funds that you need to have in your account. Once the funds are in place, the arrangements for completion can be made.

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Formal approval

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