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Once a mortgage lender has agreed in principle to give you a mortgage on a property you want to buy, the next step is to actually get hold of the funds.
The loan itself is the "advance", known as such because the lender is lending you, the borrower, the money in advance of repayment.
Go to Moneyextra's Mortgage Centre and Mortgage Comparison Service
Last Updated: February 2007 © Moneyextra.com
MoneyExtra.com recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.