Mortgage Offer

GreatBigBookcase

Received a mortgage offer yesterday, it's to pay off some credit cards and the rest for work to be done on the house. The credit cards are on 0% interest and the bulk of the work for the house is unlikely to be done before the summer due to availability of the builder, although I could get bits done before that. The mortgage offer is valid until 31 August.

I'm trying to work out if there is any benefit to waiting to get the mortgage to closer the time I will actually need it?  Might rates change much (either way) in the next few months, and if they do, would it affect my offer? Or will that rate stay the same now?  

Not sure if it will make any difference when I actually get it? But thought I'd check see if there was any benefit one way or another.... Thanks.

MorningcoffeeIV

It depends on whether you think rates will be be higher or lower, or whether you'll still be accepted for a mortgage.

It seems counter-productive to draw down now if you don't need the funds - and to pay off 0% debt with interest bearing debt,

amnblog

The Offer and the rate on that offer is good until the offer expiry.

There would generally be no good reason to drawdown the funds before you need them unless the Offer is about to expire.

GreatBigBookcase

Great. Thanks both.