Can mortgage offers be extended?

Getting a mortgage offer is a great hurdle to have crossed on the road to purchasing your new home. There is a lot to know about the mortgage-offer process, which is why Eminence Mortgages is here to answer any questions you may have and simplify any jargon. One question you have may be about whether mortgage offers can be extended. 

A mortgage offer is essentially the confirmation that your mortgage application has been verified and approved. It is only possible to get a mortgage offer letter after you have completed the application process. This letter will declare your mortgage offer, and is normally valid for several months. 

If for whatever reason you think that you will need to extend your mortgage offer, then you should ideally speak with your lender in advance. A mortgage offer is intended to expire after a certain time, but there is the possibility it could be extended under special circumstances. For example, one reason for a mortgage offer extension could be if you are moving into a new-build property and the construction has been delayed. 

If your mortgage offer cannot be extended by your lender, then you would have to reapply for a mortgage. This means that you would have to go through the credit checks again, repaying the fees and a new valuation. 

Should you have any questions or concerns about applying for a mortgage, Eminence Mortgages is here to help and guide you along the way to making the process smoother. 

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