Fixed rate mortgage offer expiring

lilyann1

I had a fixed rate mortgage agreed back in May and it is due to expire mid August.The rate was withdrawn about a week after I had it agreed and now the rates are higher.
We won't be completing til beginning Sept now and I wonder if anyone has had this before and will the B/soc make me pay the reservation fee again and have to go on the higher rate???

dwsjarcmcd

Usually offers are valid for 6 months, so you should be fine. Phone your b/s to check and put your mind at rest

herbiesjp

Some offers are valid for 3 months - sometimes a quick call to the lender and they will extend the offer, but sometimes they will not.

HelpWhereIcan

As has been said already - every lender has a different policy. In most cases, the lender should be willing to extend your offer for between 1 -3 months. This can be as simple as asking them to do it, or sometimes it may take a call/fax from your solicitor to give them the expected exchange/completion dates and they will then extend to match the completion date plus a week.

However, as dwsjarcmcd has already said, it may be that your offer is valid for 6 months anyway. My advice would be to read through your offer which will tell you how long it is valid for. Sometimes this will be on the covering page, sometimes on the last page in further conditions and sometimes on a page somewhere in between.

One thing to watch out for is the fact that certain lenders (Halifax and Abbey) have fixed rates that have a 'complete by date' and if this is before you complete, you will have to switch products.

At the same time, First Active's offers are only valid for 3 months, but once you sign to accept the offer it is valid for 12 months.

As has been said, ring your lender or adviser.

Hope this helps