How long does a mortgage offer last, and what happens if it expires?

The Cedar Crest Team
Aug 11
4 min read

When to act, and how to extend or reapply without losing your dream home

How long does a mortgage offer last, and what happens if it expires?

You've found the perfect property. Your mortgage has been approved. All that remains is to complete the process and collect the keys. But then the weeks turn into months, paperwork gets delayed, the chain slows down, and you start to worry: what if your mortgage offer expires? Mortgage offers have a limited duration.

They come with an expiry date, and if your purchase doesn’t complete in time, you might need to reapply, renegotiate, or risk losing your deal entirely. This is a common concern, especially in today’s market where timelines are unpredictable. In this article, we explain how long offers typically last, what happens if they expire, and how to stay in control if delays creep in.

WHAT’S THE USUAL EXPIRY PERIOD FOR A MORTGAGE OFFER?

Each lender sets its own rules, but most mortgage offers are valid for between three and six months from the date they’re issued. Some high-street banks provide a flat six-month offer, while others use shorter periods; 90 or 120 days are standard. In some cases, your offer may include a specific expiry date, shown on the final mortgage document. That’s the deadline by which completion, not just the exchange of contracts, must occur. For new-build properties, where construction timelines can be unpredictable, lenders may provide longer validity periods, such as nine months or more. Some also permit time-limited extensions if build delays happen.

WHY DO DELAYS HAPPEN?

Even the simplest purchase can face obstacles. Many buyers are often surprised at how lengthy the legal and administrative processes in a property transaction can be.

Common reasons for delay include:

• Survey issues that trigger follow-up investigations or renegotiations.

• Delays in the chain, especially when one party drops out or stalls.

• Slow conveyancing progress, often due to backlogs with solicitors or local searches.

• Changes in your own circumstances, like starting a new job or switching lenders.

The result? Weeks go by, sometimes months, and suddenly your mortgage offer risks expiring.

CAN YOU EXTEND YOUR OFFER?

Yes, sometimes, but not always. Lenders may agree to extend your mortgage offer, usually by one to three months, as long as your circumstances haven’t changed significantly. To apply for an extension, your broker or solicitor will generally contact the lender with a written request, explaining the reason for the delay and confirming that your circumstances still remain stable. Be ready to provide updated documents, such as:

• Recent payslips or bank statements.

• Proof that the property details haven’t changed.

• A new valuation, in some cases.

HOW TO STRENGTHEN YOUR CASE

What strengthens your case is clear communication, evidence that you’re near completion, and no material changes to your income, credit history or deposit source. Not all lenders provide extensions, so it’s best to check early, ideally a month before expiry, to avoid having to reapply on short notice.

WHAT IF YOUR MORTGAGE OFFER EXPIRES?

If you miss the deadline and cannot get an extension, your mortgage offer becomes invalid. This doesn’t mean your house purchase is lost, but you will need to return to the lender or start with a new one.

HERE’S WHAT THAT MIGHT INVOLVE:

• Reapplying from scratch, including another credit check and complete assessment.

• Updated affordability checks, which may be stricter if rates or your finances have changed. • Risk of different terms, including higher interest rates or new product criteria.

• Revaluation of the property, especially if market conditions have shifted.

If your financial situation remains the same, you might be offered the same (or a similar) deal again. But if your credit score has fallen, your income has decreased, or your lender has withdrawn certain products, the reapplication process could become more complicated.

HOW TO STAY AHEAD OF EXPIRY

When time is limited, preparation is your best defence. Don’t wait until the last weeks to act; most issues arise when expiry dates are ignored or assumed to be flexible.

Here’s how to stay in control:

• Check your expiry date early in the process and add it to your calendar.

• Speak to your solicitor or broker regularly to monitor completion timelines.

• Ask about extensions at least 3 to 4 weeks before expiry if things are slowing down.

• Avoid significant financial changes, like switching jobs or applying for credit.

• Keep documents up to date, so you can respond quickly if reapplication is needed.

With a little foresight, you can prevent last minute panic and stay on course with your mortgage journey, even if the purchase takes longer than expected.

TIME ISN’T ALWAYS ON YOUR SIDE

A mortgage offer is your lender’s promise to lend, but it is time-sensitive. If your property transaction slows or encounters an unexpected obstacle, knowing how long you have and what to do next can help you stay calm and prepared. Whether you need assistance with applying for an extension, navigating a reapplication, or selecting a lender offering greater flexibility, obtaining expert support early can make all the difference.