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If you’re reading this, you’re likely concerned that you won’t complete your property purchase before your mortgage offer expires. The good news is that there are often solutions available to help you avoid losing your mortgage offer and still proceed with your purchase. This guide will explore what you need to know and how to navigate the situation.
How Long Are Mortgage Offers Valid For?
Most mortgage offers are valid for around six months, but the timing can vary. Some offers are valid from the point of application, while others start from the point of the mortgage offer being issued. For new-build properties, some lenders provide extended offers, as construction delays are more common.
Why Do Mortgage Offers Expire?
There are several reasons why a mortgage offer might expire before completion, including:
- Delays in the conveyancing process – Solicitor-related delays are a common issue.
- Issues in the property chain – If other buyers or sellers in the chain face problems, it can slow things down.
- Fall-throughs – A buyer or seller pulling out can cause delays.
- New-build construction delays – If the property isn’t ready on time, the mortgage offer may expire.
- Changes in financial circumstances – If a lender finds discrepancies or needs further details, delays can occur.
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Can You Extend a Mortgage Offer?
The good news is that many lenders allow some form of extension. However, flexibility varies between lenders:
- Some lenders provide only a few extra weeks.
- Others are more generous, offering extensions of 2-3 months.
- A few lenders allow extensions of up to six months in certain cases.
How Do You Extend a Mortgage Offer?
The process of extending a mortgage offer depends on your lender’s policy. Some key factors to consider include:
- Reassessment Requirements – Some lenders may require a full re-evaluation, including new income documents, while others only ask for a declaration confirming no major changes.
- Credit Check – Lenders typically conduct another credit check when processing an extension, so it’s essential to maintain good credit standing.
- Valuations – If your original valuation was done more than six months ago, a new valuation may be required.
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What Happens to Your Interest Rate?
- Some lenders allow you to extend your existing mortgage product.
- Others require you to choose a new rate from their current range, which can be beneficial if rates have fallen but may result in a higher cost if they have risen.
How to Minimise the Risk of an Offer Expiry
To avoid needing an extension, follow these best practices:
- Work with an experienced mortgage broker from the beginning.
- Have all financial documents ready before applying.
- Use reliable solicitors who can handle the process efficiently.
- Stay updated on the progress of the chain and check in with estate agents regularly.
- Promptly complete paperwork to prevent unnecessary delays.
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When Should You Apply for an Extension?
Different lenders have varying policies on when you can request an extension. Some allow applications only in the final 30 days before expiry. It’s best to discuss this with your mortgage advisor well in advance to ensure you’re prepared. Gathering the necessary documents early can help streamline the process.
What If You Can’t Get an Extension?
If your lender doesn’t allow an extension, you may need to reapply for a new mortgage. The good news is that mortgage applications can be processed more quickly now, with some lenders offering approvals within one to two weeks. If your financial situation hasn’t changed, reapplying should be straightforward. Additionally, if interest rates have fallen, you might even secure a better deal than before.
FAQs
Yes, but you may need to reapply. If your financial situation is the same, you should still qualify, though you may be subject to new interest rates and lender criteria.
Your offer document should state the expiry date. If you’re unsure, contact your mortgage broker or lender for confirmation.
You will need to reapply for a mortgage. This may involve a new credit check, valuation, and income assessment.
It depends on current market conditions. If rates have gone up, your repayments may increase. If rates have fallen, you might secure a better deal.
Yes, you can explore options with a different lender if your current lender won’t extend your offer. However, a new application process will be required.
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