PMA: When you apply for a mortgage a lender assesses your application against their lending criteria. This typically takes into account the amount you want to borrow, the property in question, a valuation of the property, your credit history and your employment status. This is done to ensure that you will be able to repay your mortgage.
If the lender is satisfied with your application, you'll get an 'Agreement in principle' which will give you an indication of how much we are prepared to lend you. Then, when your formal application is accepted, you will then be made a formal offer.
If you accept, this will be sent to your solicitor as confirmation that we will provide the money when the time comes to exchange contracts. This is followed by the completion day, when the property is finally yours and you can move in.