how long does a mortgage offer last for?

longwalks1

ill be shopping round for a new mtg in a couple of months time and wondered if you're offered a mortgage, then the rates go up i assume you still get it for the rate offered to you?
How long does the average mortgage offer last for and how long before my old one finishes should i start looking round?
Thanks for your help

homer_j_3

most offers will last between 3-6 months.

You should normally start the process about 2 months before your deal ends but if you are worried about rising interest rates then you can start sooner.

wymondham

we had an offer for 3 months a while ago, but as the house was being built we were delayed in taking them up on it - we just called them and the offer was extended ... i don't think it's a problem...

homer_j_3

yes - some lenders on new builds that are bought off plan will allow you delay significantly beyond the 3 months just because of the nature of the property.

longwalks1

Thanks people

How does the change over work? My moving in date was 14th March nearly 5 years ago, and currently my payments go out on 1st of every month. Will a payment go out on 1st of March ‘08, and when would my payments start should I use a different lender? I’m worried I’ll end up making too many payments and not realise (or not be told!)! :mad:

Albert_Park

It should state the validity of the offer when you receive it. Mine was for 6 mths, which had to be renewed as my new build was not finished within the original offer period.