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When would be the best time to get another mortgage offer
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Laurelii
Posts: 130 Forumite
Our mortgage offer expires in around 7-8 weeks (Feb 26th i think) everything in regards to the house purchase is sorted on our side now were just waiting on the other people in the chain. I asked our mortgage advisor if an extension would be possible and they said no and that another offer would be issued.
Do we wait until the last min to get another illustrated or is there an ideal time when to apply again ? (Halifax)
Do we wait until the last min to get another illustrated or is there an ideal time when to apply again ? (Halifax)
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@laurelii Just to be clear, I'm NOT suggesting this as a solution but when I did a change of product (as rates had dropped significantly) for a client on month 5 of a Halifax mortgage offer valid for 6 months (or month 4 of 5), the reissued offer with the new product automatically added on 5-6 months to the validity.
Mind you, it might just have been a bug in the system but in any case they only completed after 8 months since the initial offer was issued.
Setting that aside, I would suggest kicking off the process no later than 3-4 weeks before expected completion.I am a Mortgage Adviser - You 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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so late jan/ early feb to get or find about about getting a new mortgage illustration then... im so stressedK_S said:@laurelii Just to be clear, I'm NOT suggesting this as a solution but when I did a change of product (as rates had dropped significantly) for a client on month 5 of a Halifax mortgage offer valid for 6 months, the reissued offer with the new product automatically added on 6 months to the validity.
Mind you, it might just have been a bug in the system but in any case they only completed after 8 months since the initial offer was issued.
Setting that aside, I would suggest kicking off the process no later than 3-4 weeks before expected completion.
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have you checked to see if you can get a mortgage offer extension?0
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If you have a new mortgage drawn up does that mean you are effectively paying the mortgage advisor twice? Asking as ours is due to run out soon and our house purchase has been delayed (hoping we can get an extension!)0
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I thought this was normal. I had my mortgage approved in May last year but the rate went down several times so I got my mortgage broker to reapply and each time it renewed the offer expired 6 months later (mortgage is with HSBC).K_S said:@laurelii Just to be clear, I'm NOT suggesting this as a solution but when I did a change of product (as rates had dropped significantly) for a client on month 5 of a Halifax mortgage offer valid for 6 months (or month 4 of 5), the reissued offer with the new product automatically added on 5-6 months to the validity.
Mind you, it might just have been a bug in the system but in any case they only completed after 8 months since the initial offer was issued.
Setting that aside, I would suggest kicking off the process no later than 3-4 weeks before expected completion.0 -
if we are issued a new mortgage offer will we have to pay for another valuation nd surveys/ searches ?0
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AFAIUI, no to survey and searches, but depending on the T&Cs of the mortgage and if you change providers, you may need another valuation.Laurelii said:if we are issued a new mortgage offer will we have to pay for another valuation nd surveys/ searches ?' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".0
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