Most mortgage offers in the UK are valid for between 3 to 6 months, depending on the lender. With delays in property chains, legal delays, and survey hold-ups, it's not uncommon for homebuyers to find themselves racing against the clock.
If we’re your mortgage adviser, we’ll already be on the case for you. If we’re not looking after your mortgage application, don’t panic - this article is for you. It includes practical steps you can take to avoid losing your mortgage deal and delaying your home purchase.
Need our help? Call us on 08000 38 37 36.
Step 1: Check Your Mortgage Offer Expiry Date
Start by confirming the expiry date of your mortgage offer. This is usually listed in your mortgage documentation. Knowing how much time you have left is crucial for planning your next steps.
Step 2: Contact Your Mortgage Broker or Lender
If your mortgage offer is close to expiring, speak to your mortgage broker or lender immediately. They have some options which should include:
• Requesting a mortgage offer extension - especially if your property transaction is already progressing
• Advising if you need to reapply for a mortgage and helping you organise that
Step 3: Prepare Updated Documents
If you need to submit a new mortgage application, you’ll usually need to provide updated documents, such as:
• Recent payslips and bank statements
• Proof of ID and address
• Updated credit information
Step 4: Be Aware of Interest Rate Change
If you need to reapply, your new mortgage deal may come with a different interest rate—especially if rates have changed since your original offer. A whole-of-market mortgage broker, like us, can help you compare the latest mortgage rates and secure the best deal available. Take a look at some of the mortgage deals currently available: First Time Buyer Mortgage Deals, remortgage options, Home Moving Mortgage Deals or investing in property.
Step 5: Keep Your Estate Agent & Solicitor
Let your estate agent and solicitor/conveyancer know if your mortgage offer is expiring. They may be able to help speed up the process with all the relevant parties to avoid further delays in your property chain.
Final Tip: Act Early to Avoid Losing Your Mortgage Offer
The key to avoiding problems with an expiring mortgage offer is to act EARLY.
Need help with an expiring mortgage offer?
Call us on 08000 38 37 36 or book an appointment today for expert advice and support—we’ll help you secure your new mortgage and move forward with confidence.
