Mortgage

[dymo]

I am after resciving my offer for my mortage but i want to hold off for maybe a month or two before i draw it down is this possible or will i lose my offer.

 

[idkwatmi]

I am after resciving my offer for my mortage but i want to hold off for maybe a month or two before i draw it down is this possible or will i lose my offer.

Thats fine. i think a mortgage offer stands for 12 months.

 

[Jonathan.OB]

Read the loan offer, it will state how long it remains valid for. Most lenders are 6 months, some are 3/9 & 12.

 

[BK2]

The advice given above used to be correct but is no longer the case. A lot of the banks recently have been pulling offers with little or no notice. If the loan is with Halifax/Bank of Scotland, Haven Mortgages, ICS, IIB Homeloans, Bank of Ireland, EBS , First Active then I would not just hold off and think that your rate would be the same all of the above have changed there rates in the last few months with little or no notice, they have not changed because of ECB but merely just increased the rate themselves. If your letter of offer is for a fixed rate you are especially at risk. Talk to your broker and ask if the rate you received and the letter of offer still stands, they used to be good for 6 months even 12 but this no longer applies.

 

[newirishman]

Had a mortgage offer from IIB 2 months ago (the seller pulled out, so didn't buy) - when talking to the broker last week if it is still valid, he said no as they have increased the interest rates.
Now going with First Active (let's see when they increase the rates)...

 

[PM1234]

Not in today's climate. The offer is usually valid for three to six months but rates are subject to change.

You may be able to drawdown the cheque but not cash it which may hold the initial rate obtained. However, you will still need to check the T&Cs to see if this is viable with your lender.