What to do if your mortgage offer is 2 months from expiring

Once your mortgage offer is confirmed, it lasts for ~6 months (or sometimes 9 months for a specialist new build mortgage).

This should be plenty of time, but with big chains or complicated situations, things can move very slowly. Construction delays are also common for “off-plan” new builds.

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⏰ What to do if you're near your expiry date

When you have ~2 months left, start reminding your conveyancer proactively about the expiry date. They can put pressure on the seller or entire chain to move faster, as no one wants to risk the sale falling through.

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🔄 What to do if your mortgage offer expires

Sometimes the lender will grant you an extension if you ask.

Otherwise, you’ll need to re-apply for a new mortgage.

You should be aware of these things if you do need to re-apply:

• If your circumstances have worsened, you may no longer be approved for the same mortgage product
• If interest rates have risen since you first applied, not only will you have to pay more interest, but this may impact your affordability assessment and so the lender may offer you a smaller loan. You may then need to reduce your offer to the seller or pull out of the sale
• Depending on your lender, you may have to pay some or all of the mortgage booking fee and mortgage valuation fee again. If you’re applying for the same mortgage product & circumstances have not changed, the lender is more likely to waive fees for a reapplication.