FREE LM03 PRELIMINARY LENDER POLICY SEARCH
What is an LM03 Search?
Undertaking an LM03 Preliminary Lender Policy Search allows you to establish if there have been any changes to a lender’s policy over a specified date range. It shows you the volume of changes (i.e. the number of sections changed).
The LM03 does not show the details of the changes. Details are only available via an LM04 Lender Policy Search
What is an LM04 Search?
Typically a LM04 Search should be carried out just prior to the request to drawdown funds and will cover the period from when the documentation on the transaction was first reviewed. This is usually about 2 to 3 months but is limited to 6 months – which corresponds to the limit imposed on a mortgage offer. If changes have occurred during the period, the Search will highlight the original and new text within the relevant sections of the Policy. Conversely if no changes have occurred the Search results will reflect this.