Mortgage offer ending - how to approach?

skittledog

Hi,

First time buyer here, we have a mortgage offer which is due to expire in late Jan and have just been contacted by the lender with a simple text message that just says 'please urgently confirm how you wish to proceed or the mortgage will no longer be available.'

Couple of questions:

- How urgently? Like, do you need to get a new mortgage offer in place a month before the old one is due to expire? I had been assuming we could tackle this 'urgently' after Christmas

- We got this offer through a mortgage broker originally. I assume we don't need to involve him again in getting a new offer, but are there any best ways to approach this situation to ensure we still get a reasonable interest rate deal? The original offer was made pretty much on the peak of mortgage rates in late July, so I'm not too concerned about it becoming unaffordable, but I would obviously like to keep it as low as possible!

It is looking unlikely that our house purchase will complete by end Jan, so I do need to sort this out, I'm just not entirely sure what the best approach is. Any advice welcome!

amanda1024

The urgency is only if you *are* planning to take up the offer. But since as you say rates have gone down recently, and if you’re unlikely to complete by end Jan, it sounds like you can just let it lapse. But make sure you allow enough time to sort a new offer. I think mortgage brokers can potentially access a wider range of offers so it might still be worth going back to them. 

kingstreet

... and the lender is?

ACG

Why would you not involve your broker? 

MFWannabe

skittledog said:

Hi,

First time buyer here, we have a mortgage offer which is due to expire in late Jan and have just been contacted by the lender with a simple text message that just says 'please urgently confirm how you wish to proceed or the mortgage will no longer be available.'

Couple of questions:

- How urgently? Like, do you need to get a new mortgage offer in place a month before the old one is due to expire? I had been assuming we could tackle this 'urgently' after Christmas

- We got this offer through a mortgage broker originally. I assume we don't need to involve him again in getting a new offer, but are there any best ways to approach this situation to ensure we still get a reasonable interest rate deal? The original offer was made pretty much on the peak of mortgage rates in late July, so I'm not too concerned about it becoming unaffordable, but I would obviously like to keep it as low as possible!

It is looking unlikely that our house purchase will complete by end Jan, so I do need to sort this out, I'm just not entirely sure what the best approach is. Any advice welcome!

So to clarify: 
You are currently in the process of buying your first property and the mortgage offer for this property runs out end of Jan? 

You need to speak to your broker if it’s unlikely you will exchange before the mortgage offer runs out 

kingstreet

MFWannabe said:

skittledog said:

Hi,

First time buyer here, we have a mortgage offer which is due to expire in late Jan and have just been contacted by the lender with a simple text message that just says 'please urgently confirm how you wish to proceed or the mortgage will no longer be available.'

Couple of questions:

- How urgently? Like, do you need to get a new mortgage offer in place a month before the old one is due to expire? I had been assuming we could tackle this 'urgently' after Christmas

- We got this offer through a mortgage broker originally. I assume we don't need to involve him again in getting a new offer, but are there any best ways to approach this situation to ensure we still get a reasonable interest rate deal? The original offer was made pretty much on the peak of mortgage rates in late July, so I'm not too concerned about it becoming unaffordable, but I would obviously like to keep it as low as possible!

It is looking unlikely that our house purchase will complete by end Jan, so I do need to sort this out, I'm just not entirely sure what the best approach is. Any advice welcome!

So to clarify: 
You are currently in the process of buying your first property and the mortgage offer for this property runs out end of Jan? 

You need to speak to your broker if it’s unlikely you will exchange before the mortgage offer runs out 

Quick fix. Complete, not exchange.