How long does a Mortgage Offer last?
Phil from Necton
Conveyancing questions and answers
How long does a mortgage redemption offer last?
There is no such thing as a 'Mortgage Redemption Offer.'
Any mortgage is redeemable at any time based upon its terms and conditions. We have, however, split your question into the two elements that may be at issue:
Q: How long does a Mortgage Offer last?
A Mortgage Offer lasts for a period specified by your Lender. This can be found in the Mortgage Offer issued by the Lender which will set out all terms and conditions of the offer. Completion should take place by or before the offer expiry date. However, if during the transaction it becomes apparent that completion will take longer than expected, then a request can be made through the broker or solicitors for the Lender to extend the offer expiry date.
Q: What is a Redemption Statement?
A Redemption Statement is requested from your current Lender for the purposes of settling your mortgage, sale or re-mortgage. A Redemption Statement confirms the outstanding balance on the current mortgage which must be paid and settled on the sale of the property or before a new mortgage starts on the property on re-mortgage of the property. An initial statement is usually requested at the beginning on the transaction for information purposes and as completion approaches a fresh statement is requested calculated as at the proposed completion date. The statement should include a daily rate of interest.
Richard Webster & Co.
Find out more about what's involved in buying or selling a property with our guide on the stages of the conveyancing process.
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Hannah, 09 April 2017