Distinguish a preliminary mortgage assessment from the final offer
Keep preliminary responses, loan estimates and formal documents distinct, with a record of submitted information and outstanding checks.
Identify what the response covers
Ask which income, debt and property particulars support a preliminary response and which valuation or documents remain required. A calculator result, verbal response or conditional estimate is not a completed approval.
Keep submission dates, document versions and the bank's open requirements. Review the formal amount, term, rate, fees, prerequisites and drawdown arrangements against the transaction timetable.
Identify each stage clearly
Record the response source and remaining matters.
| Item | Record | Follow-up |
|---|---|---|
| Preliminary | Assumptions and information used | Confirm response scope |
| Documents | Submitted and pending items | Keep versions and dates |
| Formal | Terms and prerequisites | Review each requirement |
| Drawdown | Arrangements and timetable | Coordinate with transaction professionals |
Example: property valuation is outstanding
If a preliminary estimate is supplied before valuation, keep valuation as an open item and compare it with completion funding needs rather than treating the estimate as a confirmed loan.
Review approval and drawdown conditions
- The response stage is clear
- Pending documents are recorded
- Drawdown and completion dates are compared