Most mortgage offers will be valid for 3-6 months. This time frame should allow for the length of time it takes to buy a house. However, if your house purchase doesn’t go through in this time frame, you will have to extend your mortgage offer or reapply for your mortgage. Here we’ll go through everything you need to know about extending your mortgage if the need does arise.
Can you get an extension on a mortgage offer?
The short answer to this question is yes, you can.
Your mortgage lender will be well aware that sometimes house buying isn’t straightforward, and there are lots of factors which can mean your purchase takes longer to go through. For this reason, most lenders will often be happy to extend your mortgage offer, provided you give them enough notice and your circumstances haven’t changed much from when you initially applied for the mortgage.
How long can I extend my mortgage offer for?
This is really down to your lender, but most lenders will allow you to extend your mortgage offer for a month.
How do I get an extension on my mortgage offer?
If you’ve already completed the paperwork for your mortgage application, you may be dreading doing it all again to extend your mortgage offer. However, you’ll be relieved to know that it is far simpler to extend your mortgage offer than it is to apply in the first place.
If your purchase is dragging on and you’re concerned that you won’t complete before your mortgage offer expires, the best thing to do is speak to your lender as soon as you can. Your lender will ask you for proof that your circumstances haven’t changed significantly since they offered you the original mortgage. This will usually mean giving them bank statements and payslips from the last six months.
What if I can’t get an extension on my mortgage offer?
Unfortunately, your lender isn’t under any obligation to give you an extension on your mortgage offer, so they can refuse. It might also be the case that you didn’t manage to apply for an extension in time.
In these circumstances, you will have to reapply for your mortgage.
It’s worth noting at this stage that you don’t have to apply with the same lender: you could use this opportunity to apply with another lender if a better deal has come along in the meantime.
It’s a good idea to speak to an independent mortgage broker: they can advise you on the best mortgage deals available on the market and ensure you get the best deal, even if this means moving away from your original lender.
My mortgage offer has expired, can a mortgage broker help?
If your mortgage offer has expired, speaking to a mortgage broker is a great next step. It might be that you need to find a new mortgage deal quickly: a mortgage broker can help you do this by comparing all the deals on the market today, and helping you find the best deal, fast.
Mortgage brokers can often also help make your application clearer, assisting with your paperwork, explaining what supporting documents you need to provide, and being on hand to answer any questions you may have.
