mortgage offer -how long does it last?

jop8383

hi,
we have just been told by our mortgage adviser that our mortgage offer is only valid for 60 days. Does this mean we need to complete in this time? Just phoned the estate agent and they said it wouldn't be that and you can always extend but our adviser did not seem to think so - we have had to pay an upfront fee of £995 for the mortgage offer.

thanks jo

Dave_Ham

Who is the lender?

Typically a mortgage offer is for 3 or 6 months.

Some lenders will allow a small extension of the offer and some will not.

jop8383

Abbey.

Does 60 days seem incorrect?

Jo

Dave_Ham

Definitely incorrect.

I would assume that you have a mortgage offer and therefore it will detail on there the expiry date of the offer.

Maybe they have got confused with the product end date, it may have a shorter deadline but then you just get 1 or 2 months less on the fixed term..

Have a re-read of the mortgage offer...

All the best

directdebiter

I find sometimes a broker will say it expires because they want it closed and want to push you into the sale. In my last move our buyer extended their mortgage offer about 3 times over 6 months until we found somewhere.

Crashandburn

directdebiter wrote: »

I find sometimes a broker will say it expires because they want it closed and want to push you into the sale.

I'd say find yourself a better broker