How Long does a mortgage quote last?

crusty_toenail

Hi all,

buying a house and solicitors currently working towards exchange, might take 3 months or so (May?), but not completing to June.

Was wondering how long a mortgage in principal quote will last for as I'd be keen to get one done asap?!!!!!

Any advice would be great!!!

Thanks in advance,

Crusty

VIGILANT22

Do you mean you're buying a house not knowing if you can obtain a mortgage??

herbiesjp

It is not the quote you need to last until June, but the actual mortgage offer.

You used to be able to get offers valid for 6 months - these now tend to be 4 or 3 months.

So you can look now at deals, and just double check with the lenders, as to how long the offer is valid for.

An added complication is that some lenders may have an offer valid for 4 months, but the actual product you have chosen may expire before that period, meaning you will then need to choose a new deal.

happybroker

if solicitors are working on this I assume you have a mortgage offer, the validity period differs but can be anywhere between 3 and 6 months. The offer letter itself will tell you this.

If you have just an agreement in principle from a lender then I would think 30 days. If all you have is an illustration then that will be valid on the day it was issued and no more. Double check with your adviser if you're not sure.

crusty_toenail

Thankyou for your replies, sorry I was getting confused -

It was an actual mortgage offer I was wondering about. I am going to see my mortgage advisor next week, but because I'm not completing for a couple of months after I will exchange contracts (May), was wondering if perhaps it was too early to get a mortgage quote? Perhaps I can only get a mortgage quote or in principal at this stage - is there a difference?

herbiesjp

It's not too early if the mortgage offer letter lasts until the required time.

Before applying get your adviser to make sure that whichever lender you choose, will issue an offer letter valid for long enough to get you to June - and make sure the deal does not expire before June also.