Length of time for mortgage offer

Burnsie1983

This is probably been asked many times recently...

Does anyone know how you can find out how long a lender I will offer the mortgage for pre-completion?

6 months used to be the standard, however I know that Lloyds and Halifax offers all expire at the end of February if applied for today (building in the application time frame, that'll be about 4 months)

Will just help with any application that I make

K_S

@burnsie1983

Assuming that you are applying direct, you'll need to ask the lender to be sure. If you're using a broker, they will factor this in and should be able to tell you clearly. With some lenders it may be clear on the KFI/illustration/quote that you get prior to application.

Halifax's current products have a 'complete-by' date of 31/03/2023, not Feb.

Most lenders' offer validity will fall in one of the following buckets-
- 6 months from date of full application
- 6 months from date of offer
- a specific 'complete-by' date that will usually be around 5-7 months depending on the timing

On top of that some lenders will have an established process to stretch the validity be 1/2/3/6 months depending on the specific lender.

Burnsie1983 said:

This is probably been asked many times recently...

Does anyone know how you can find out how long a lender I will offer the mortgage for pre-completion?

6 months used to be the standard, however I know that Lloyds and Halifax offers all expire at the end of February if applied for today (building in the application time frame, that'll be about 4 months)

Will just help with any application that I make

Burnsie1983

Thanks for the advice

I was hoping to apply now for it to be granted in Nov, ready for 1st May.

Alas, not to be. 

Fyi, the Lloyd man said Halifax is the same as them

K_S

@burnsie1983 If your fix is ending on 30 Apr you should be able to get a mainstream remortgage offer now that lets you avoid ERC.

One example is 'reserving' a product with Nationwide at DIP. This is then valid for 90 days during which you need to get it to offer. So if you reserved a DIP-product on 01 Oct, converted it to a full application on 15 Nov, Nationwide issued an offer on 01 Dec, the offer would be valid for 6 months from 01 Dec, taking you all the way to end of May.

Burnsie1983 said:

Thanks for the advice

I was hoping to apply now for it to be granted in Nov, ready for 1st May.