Mortgage offers: how long can they last?

Mortgage offers typically last 3 to 6 months from the date they're issued, depending on your lender. Buying a house is exciting, but it can take time, so keeping an eye on your mortgage offer expiry date is crucial.

If you need longer, most lenders offer extensions of 1 to 3 months if you ask 2 to 4 weeks before your offer expires. If your offer does expire, you'll need to reapply for a new mortgage and may face new fees and different interest rates.

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.

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:

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.