A mortgage offer is valid for a 6-month period from the date the mortgage application is received by our teams.
ny offer that does not complete within this period must be re-submitted as a new application with the exception of ‘New Build Purchase’ applications which can be assessed against current lending standards with a refreshed credit search and re-offered for a further period of 6 months with the existing product or a product from the current range. This is subject to receiving confirmation that there has been no material change to the customer(s) circumstances since the original application was submitted using the New Build Mortgage Offer Extension Declaration form. If there has been a material change, the application will be fully re-assessed against current lending standards.
An updated valuation should be requested in all scenarios with the exception of where the tolerance, referred to below, applies and for ‘New Build Purchase’ applications where the original valuation will be accepted. Any subsequent extension requirement will be subject to full re-submission.
The valuation validity period aligns with the offer validity period of 6 months from submission with the exception of ‘New Build Purchase’ applications which are re-offered for a further period of 6 months with the valuation validity aligned to the new offer validity period.
Where notice has been given that the proposed property has fallen through and a new property found, a new application must be submitted unless purchase price and mortgage amount are all unchanged and completion is anticipated within 6 months of the original submission. A product will need to be selected from the current range available unless the original product remains available.