Key takeaways
Mortgage offers typically last 3-6 months from issue date, giving you time to complete the conveyancing process
You can request extensions with 2-4 weeks' notice, with most lenders offering 1-3 months extra
If your offer expires, you'll need to reapply completely and may face new fees and different interest rates
Mortgage in Principle (MIP) lasts only 60-90 days for house hunting, while full offers last much longer
Lenders can withdraw offers before expiry if your circumstances change or property issues arise
Understanding the key timeframes helps you plan your property purchase and avoid last-minute panics. Here’s a breakdown of how long each stage typically lasts:
|
Stage |
Typical duration |
Notes |
|
Mortgage in principle |
60 – 90 days |
For house hunting |
|
Full mortgage offer |
3 – 6 months |
From application approval |
|
Extension (if granted) |
1 – 3 months |
Varies by lender |
Mortgage offers don’t last forever, they typically last for 3 to 6 months depending on your lender. Buying a house is exciting, but it can take time, that’s why keeping an eye on your mortgage offer expiry date is crucial
In this guide we’ll explain what a mortgage offer is, how long they last, and what to do if yours expires before you’ve taken out a mortgage.
A mortgage offer is your chosen lender’s formal, legally binding promise to lend you a specific amount of money to buy your chosen property. The mortgage offer contains all the key details – the loan amount, interest rate, repayment terms, and any conditions you must meet.
You’ll only get a mortgage offer once you’ve completed your full mortgage application, passing affordability checks, and having chosen your lender.
Mortgage offers typically last 3 to 6 months from the date they’re issued, but this can vary depending on your lender. It’ll typically take 2 to 4 weeks to have your mortgage offer approved after submitting your application. The exact expiry date will be outlined in your mortgage offer document.
You should have enough time on the mortgage offer to complete the conveyancing process through to completion day. However, if you’re buying an off-plan new build property or have a complex chain, delays are possible and are normal. Don’t panic! You may just need to chat to your lender about an extension on your offer.
When you’re house hunting, you’ll likely get a mortgage in principle (MIP), also known as an agreement in principle or decision in principle, to get an idea of how much a lender is willing to let you borrow.
Think of it as a conditional thumbs up. The lender takes a look at your income, outgoings, and credit score to give you an estimate.
This is not an actual mortgage offer, and typically lasts 60 to 90 days and should only be used as a guide to help you budget for suitable properties.
If it expires whilst you’re searching for a home, you can easily reapply.
You need to make sure that you’ll complete your move before your mortgage offer expires. Once it expires it becomes invalid automatically. If it does expire, you’ll need to reapply for a completely new mortgage, going through the full application process again.
This means you could face potential additional costs including valuation fees, application fees, and higher interest rates if market conditions have changed since your original application.
The good news is that in most cases you can get a mortgage extension. Just make sure to keep an eye on your completion and mortgage offer expiry date to give yourself time!
When to request: Contact your lender 2 to 4 weeks before your offer expires. Don’t wait until the last minute – lenders need time to process your requests.
How to request: Most lenders require written requests explaining the delay. Common reasons include conveyancing delays, chain complications, or new build issues. Your mortgage broker will support you here if you’re using one.
Typical extensions: Most lenders offer 1-3 months, with some allowing up to 6 months in exceptional circumstances. However, lenders aren't obligated to grant extensions - some may require reapplication instead, especially for expired offers.
Most lenders will only grant one extension, though some may allow a second in exceptional circumstances. Each request becomes harder to approve, so it's better to request a longer initial extension if you anticipate delays.
You'll need to reapply for a new mortgage before your current offer expires. Start this process immediately and consider using a broker to find alternative lenders. Be prepared for new fees and potentially different rates.
Minor changes (like adjusting the loan amount slightly) usually don't restart the offer. However, major changes - like switching product types or significant income changes - may require a new application and fresh validity period.
Yes, lenders can withdraw offers if your circumstances change significantly, the property value drops, or they discover issues with your application.
Nothing - you're not obligated to proceed. The offer simply expires, and you won't face any penalties, though you'll lose any fees you've paid for valuations or applications.
