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A mortgage offer is the official confirmation from a lender, such as a bank or building society, that they will provide a borrower with a loan to purchase a property. These offers are finite but generally allow enough time for a property purchase to be finalised.
But exactly how long does a mortgage offer last, and can it be renewed should it expire before you’ve been able to complete your purchase?
The length of a mortgage offer generally lasts anywhere between three and six months. However, the exact expiry date can vary, depending on the individual rules of a specific lender.
Some lenders will initiate the validity period on a mortgage offer only when a borrower puts in a bid on a property. Other lenders, meanwhile, start the clock running from the moment you submit your initial mortgage application.
If you’re not sure where your chosen lender stands on this issue, it’s best to find out from them before you begin the home buying process.
In most cases, a mortgage offer allows sufficient time for a borrower to complete the purchase of their property. However, sometimes this isn’t possible, such as when a borrower is buying a new build property. Projects such as these often involve delays and their exact completion dates can be extremely difficult to accurately predict.
So can you renew your offer if it runs out?
In effect, yes.
Should your mortgage offer expire before you have been able to complete the purchase of a property, many lenders will allow you more time. Buying a property can be a longwinded and complicated process; banks and building societies, in general, understand this. Your offer may be extended by a month or more, depending on your individual circumstances.
However, it is important to understand that lenders are under no legal obligation to offer an extension on a mortgage offer. So, in instances where you are unable to obtain additional time to complete a purchase, you may have to reapply.
Do not worry though.
Reapplying shouldn’t be an issue, as long as the majority of the key variables involved have remained more or less the same since your initial mortgage offer was issued.
Difficulties may arise however, if:
To avoid having to reapply for a mortgage offer, communication is key. If it looks like the purchase process is going to take longer than anticipated, let your lender know right away.
Mortgage application – upon applying for a mortgage, you will need to provide all information and documentation necessary for a lender to carry out their underwriting checks.
Property valuation – a lender will require a valuation report to be carried out on a property before they issue a formal mortgage offer.
Mortgage offer – all going well, you will normally receive your mortgage offer within around four weeks of making your application.
Property purchase – upon receipt of the Certificate of Title from your solicitor, a lender will release funds to the seller, completing the purchase of a property.
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