A mortgage condition is a conditional clause that allows a buyer to cancel the purchase agreement during the conditional period if they are unable to get approved for a loan, or if the terms of the loan are unsatisfactory to the buyer.
We recommend 3-5 business days for a mortgage condition but you should discuss with your lender before reducing or removing the mortgage condition. If you have obtained a mortgage pre-approval, you may be able to submit an offer without this condition.
Here's an example of a mortgage condition:
"This Offer is conditional upon the Buyer arranging, at the Buyer's own expense, a new first Charge/Mortgage satisfactory to the Buyer in the Buyer's sole and absolute discretion. Unless the Buyer gives notice in writing delivered to the Seller not later than 6:00PM p.m. on October 21, 2019, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction."