Mortgage approval running out

Hi,
May I ask a basic question. If someone has mortgage approval which runs out on for example on the 21st June does that mean the mortgage has to be drawn down by that date or if they inform the bank on the 14th June that they have found a property they like and the ball starts rolling is that ok? Clearly the close would be a month or maybe two after the final approval date in this instance.
Kind regards
nbc

Your solicitor can request an extension. Make sure it gives you enough time to close. Three months is an average length of time to close a sale.

Im interested in this also - if your formal letter of offer for your specific house you have gone sale agreed has been issued within the time frame do you still need an extension? Is it definite that the approval must not have expired before the actual drawdown?

You must drawdown before the formal mortgage approval expires. If not apply for an extension.

I have been getting conflicting information on this - above advised that drawdown must be done before expiration and have also been advised by others elseshere that once the formal letter of offer (Ie: the letter detailing the mortgage for your specific house) has been issued then this is all that is needed and no extension will be required. Must get onto the bank to clarify........would hope it is the latter! thanks

I think the OP has an approval in principle which is an informal approval subject to a full review of the mortgage request. While these agreements will have an expiry date I wouldn't worry too much about them as they are really only an "Offer in Principle" and are not a legal commitment by the Bank!

Our formal mortgage offer from KBC detailed the house we were buying with a four month approval period when it was issued. It took us longer to close the sale than we thought & we were advised to get our solicitor to request an extension.
There was no way I wanted to go past the deadline date & find that KBC came back wanting new up to date bank statements, salary certs etc.
What happens if you don't manage to close for six or eight months? Would a bank accept that your finances remain the same. I suspect they'd look for proof.

I'd check in your own circumstances to see what the bank say. It's no big deal to formally request an extension.