Lloyds mortgage offer

Mizenberg

Good morning,

We are hoping to get a mortgage offer from Lloyds in the next week or so. Does anybody know for certain how long they are valid for with Lloyds? I think it is 6 months, but am not totally sure.

My main reason for asking is that our sellers have proposed aiming for completion in July- and if our offer is only valid for (for example) 3 months, we would have to go through application all over again, right?

Thanks
Mizenberg

Mizenberg

Sorry to "bump" this, but does anybody know please? Our MA is unavailable this week so far, so wondered if anybody else knew the answer.

kingstreet

Top of your KFI will show a product drawdown-deadline.

LBG (Halifax and BMS for definite) doesn't really have an offer for a specific period. It is very flexible in allowing a product change to extend the offer period if there is a delay for some reason.

Mizenberg

Thanks kingstreet, I seem to recall our MA at Lloyds said something about a "drawdown date of 31st August", although at the moment we are awaiting valuation and therefore don't have an actual offer yet, so didn't know if the offer would cover the same period (i.e. up to 31st August)

kingstreet

It's based on the product, not when the offer is issued.

If you pick a product with a drawdown deadline of 31/08/16 you would need to pick a new product if you approach that date and have not yet got a confirmed completion date.

Colleys automatically refreshes the valuation when it approaches six months old.

Effectively, your offer can continue indefinitely. It re-scores as something changes in the application, such as return of valuation report, or product change.

Mizenberg

Thankyou very much, that is very helpful!