A mortgage offer has a strict expiry date. If your purchase or remortgage isn’t completed in time, here’s what happens and how to handle it.
How Long Mortgage Offers Last
| Lender Type | Typical Offer Period |
|---|---|
| Most high-street lenders | 6 months |
| Some lenders | 3 months |
| New build purchases | 6-9 months (to allow for construction) |
| Remortgages | 3-6 months |
The exact expiry date appears on your mortgage offer letter. Mark it in your calendar immediately.
Why Offers Expire
Mortgage offers have time limits because:
- Interest rates change — the rate you were offered may no longer be commercially viable
- Your circumstances may change — income, debts, employment
- Property values fluctuate — the original valuation may no longer be accurate
- Regulatory requirements — affordability assessments have a shelf life
Common Reasons for Delays
| Reason | How Common |
|---|---|
| Slow conveyancing | Very common — solicitor delays |
| Chain delays | Your buyer’s buyer is delayed |
| Search delays | Local authority searches taking weeks |
| Survey issues | Problems found requiring negotiation |
| New build not ready | Construction delays |
| Seller delays | Seller not ready to move |
| Leasehold complications | Additional legal work needed |
What Happens When the Offer Expires
Scenario 1 — You Can Get an Extension
Most lenders allow extensions:
- Contact your lender or broker before the offer expires
- Request an extension (typically 1-3 months)
- The lender may re-run affordability and credit checks
- They may offer the same rate or require you to take a current rate
- Extensions are not guaranteed
Scenario 2 — Extension Not Available
You’ll need a completely new mortgage application:
- Fresh application with the same or different lender
- New credit check (hard search on your credit file)
- New affordability assessment
- Potentially a new property valuation
- New interest rate — which may be higher or lower than before
Scenario 3 — Rates Have Risen
If interest rates have increased since your original offer:
- Your monthly payment will be higher
- You may qualify to borrow less (lower loan amount passes affordability)
- You might need a larger deposit percentage
- In extreme cases, you may no longer afford the property
Impact on Your Purchase
| Situation | Risk Level | What Happens |
|---|---|---|
| Extension granted, same rate | Low | Minor delay, same terms |
| Extension granted, new rate | Medium | Higher payments, same property |
| New application needed | High | Delay of 4-8 weeks; new checks |
| New application, rates risen significantly | Very high | May not be able to afford the property |
Fees You May Lose
| Fee | Refundable? |
|---|---|
| Arrangement/product fee | Usually not refundable if paid upfront |
| Valuation fee | Not refundable |
| Booking fee | Not refundable |
| Conveyancing fees | Partially — you’ve paid for work done |
| Survey fee | Not refundable |
If you reapply with the same lender, ask if they’ll waive or credit fees from the expired application.
How to Avoid Expiry
Before Applying
- Choose a lender with a longer offer period (6 months over 3)
- For new builds, ensure the offer period covers the estimated completion date
- Ask your broker about extension policies before committing
During the Process
| Action | When |
|---|---|
| Chase your solicitor regularly | Weekly from offer onwards |
| Set calendar reminders | At 3 months, 2 months, and 1 month before expiry |
| Escalate delays early | Don’t wait until the last week |
| Keep your broker informed | They can chase the lender |
| Respond promptly to enquiries | Don’t let your side cause delays |
If Delays Are Likely
- Contact your lender/broker at least 4-6 weeks before expiry to discuss extension
- Get your solicitor to provide a realistic completion timeline
- If a chain break or major issue occurs, start exploring a new application immediately
Remortgage Offers
For remortgages, the timeline is usually tighter:
- Offers typically last 3-6 months
- You can often apply up to 6 months before your current deal ends
- If the remortgage offer expires, you may roll onto your lender’s Standard Variable Rate (SVR) while sorting a new deal
- SVR rates are typically much higher than fixed or tracker rates