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Length of mortgage offers?

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  • Length of mortgage offers?

    Hi All, the boyfriend is going through the actions of buying a property but it is proving to be quite difficult.

    In short he is buying a property from a couple that are buying a new build and it has to exchange by the 16th of this month. The mortgage advisor has called his solicitor and said that the natwest will not extend his mortgage offer past their offer expiry date of June. (New build is to be completed in July/August and the people building will not give a completion date)

    So my question is, how long do mortgage offers last?

    Raindancer411

  • #2
    This varies from lender to lender, but generally 3 months. However other parts of the deal can expire. For example the valuation will only usually last 6 months and your credit search will [rob need redoing after 6 months too.

    You can usually ask for an extension which they may or may not grant.

    Find out what happens if the offer expires. Do you just need to pick a new product and then carry on?
    Independent Mortgage Advisor, expert in residential, buy to let, holiday let, and refinance mortgages

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    • #3
      It's important to get

      It's important to get a survey done

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      • #4
        House prices are expected to carry on falling in the next 2 years, but its expected to gradually steady out around 2011. Seems to be the right time to buy now, as prices have dropped and will rise in the future, good luck!

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