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Mortgage Offer help
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spendaddict
Posts: 20 Forumite
I received my mortgage offer this morning it is only valid for 1 month, is this normal? I was under the impression it would be valid for 3 months.
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Comments
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Must depend on the bank.. i think nationwide's is valid for 6 months..0
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Is it a mortgage offer or a decision in principle?
1 month for an offer is very short. Was it a change of property or an amendment to a prior offer?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sounds more like a DIP to me.
Ive seen offers made for a month but that was when porting to a new property - is this what your doing?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It's possible that it means that you have one month to sign and send back your agreement to the offer, from which point you have a further X months to draw down the funds.
We have a mortgage with First Direct and we were sent the formal offer which gave us one month to sign and return, and a further six months to draw down the mortgage following our acceptance.
Do double check the Ts & Cs as it may just be something as simple as that.0
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