Can you withdraw from a mortgage offer?

[cakehoover123]

Think this is a simple question but for some reason I can't find the answer online.

If you agree to a mortgage offer, are you obliged to use it when you actually get to the point of paying for the house?

I know offers are usually valid for six months, and it'll probably take 4-5 months to complete. During this time, it's possible that better deals will come on the market.

If we agree to an offer with one lender now, is there anything to stop us withdrawing and getting a new offer in a few months if rates improve? (Lol, but we can dream!)

We were able to change the product with our lender between getting the offer and completing, and we actually did that twice before we bought the house. So we weren’t tied in to the mortgage we applied for.

Worth checking if that’s an option for you.

You can normally switch to a different product with the same lender, switch from a 5 year Fix to a 2 year switch for example. It wouldn’t be straightforward to switch to a different lender though. As your current lender will presumably already have done the valuation survey. If you switch to a different lender you would have to pay again for a different one.

If rates improve, your lender should automatically discount your rate to whatever they are offering new customers, if your mortgage has not yet been issued. At least, that is what two different brokers told me when applying. Check.

Thank you both!