Document background
The Letter of Intent for Mortgage is a crucial preliminary document in the Irish property financing process, typically used before proceeding with a full mortgage application. It serves as a formal expression of interest from a prospective borrower to a lending institution, outlining the basic terms of the proposed mortgage arrangement. This document is particularly important in the Irish market where property transactions require clear documentation of intentions and proposed terms. While not legally binding, it helps establish the framework for subsequent negotiations and the formal mortgage application process. The letter typically includes details about the property, proposed loan amount, borrower's financial status, and intended timeline, all within the context of Irish banking regulations and property law requirements.
