How long does a mortgage offer last?

[Teaandtoast1]

Hello, just seen a house that we love. The vendor is buying a new build but it's not going to be completed for another 5 months (they are going to out a deposit down to secure it etc)

So do I get out mortgage now ? Will it still be valid in 5 months?

Thanks.

You can get an offer in principle, and it will say on it how long it lasts. I think ours was 6 months, but that was over 10 years ago!

I wouldn't have thought you can take out an actual mortgage until you can actually buy the house.

Tea

You can arrange your mortgage now (am a mortgage consultant). Mortgage offer will last 3-6 months. Most lenders will allow the client to extend the mortgage offer if they need to as well.

Mine was six months I believe and the financial advisor didn't seem that concerned as she said we'd just reapply.

Off the top of my head I thought it was three months but I remember the bitch vendor tried to sell the house without telling her soon to be ex husband and then held up the sale for other reasons I can't even remember and I thought I was very close to having to reapply but sale took 4/5 months so must have been six.

It depends on the lender but mostly 3-6 months. Some I've seen valid for 12 months. One lender I used to deal with, the offer was valid for 12 months on new build properties, not sure if this is still the case tho

This is good to know thanks. I was worried it may just be 3 months. The vendor said 5 months but could move out in 4 and stay with family if they had to.

Lovely stuff. Just hope our offer gets accepted now!