There is normally then a period of c. 4 weeks to close the deal. As regards your mortgage, the timing for initiating the loan process starts once you have begun to think about buying a property. Some leave it until the booking deposit has been paid. This is called the cheque requisition. Under exceptional circumstances, you can negotiate a moratorium where repayments can be paid at a later agreed date.
All home loans require mandatory life cover.
This means if you or a joint applicant dies during the term of the mortgage, an insurance policy covering death, is payable and repays your mortgage. Premiums depend on age, health status, occupation, smoking habits and can vary from one insurance company to another. It is generally advisable to obtain a few quotations from a friendly insurance broker to highlight competition. This is the cheapest of the types of life cover available. This is therefore more expensive than decreasing cover .