Quick Question

DavB93

Quick Question for everybody out, when you've agreed a mortgage how long does the agreement last for.
The reason I ask is I'm planning on re-mortgaging in January but am worried the interest rates will continue to rise, didn't know if I could agree a mortgage now and take it up in January. All advise welcom.

cattie

I think you mean how long does the mortgage offer last for. It can vary from lender to lender but on an average you need to take up the offer within 3months.

If you are looking to remortage in January then start to shop around 6-8weeks beforehand.

MortgageMamma

Some lenders will go to six months on the offer, and some three. It can take a while to get the offer sent out if you "delay" sending certain things to a lender, so if for example you applied for a mortgage you wanted now, omitted to send say salary slips for a couple of weeks, got your offer mid-late august, you could well be OK with a lender that has a six month timescale. Do bear in mind that you need to add all fee's to the loan so you don't lose out on your application fee should you decide not to complete for whatever reason. And it is possible that rates could actually drop before January, so think about that too.