When Are You Fully Committed to Your Mortgage?
As you go through the mortgage process, you'll notice that your product or even lender may change during the process, even after offer. So, in this article we'll look at exactly when you are fully committed to your mortgage offer.
It's important to understand that you're not locked into a mortgage offer until your solicitor requests the funds. Mortgage offers on average are valid for 6-months.
Interest rates fluctuate by the day and so you might find a better deal before completion, and if you do, you have the right to switch deals or even apply for a completely different mortgage.
It's crucial to remember that once you've exchanged contracts on a property purchase you should not change your mortgage offer.
Because of this flexibility we always recommend applying for your mortgage at your first opportunity, this will be as soon as you have your offer accepted on a property if you re purchasing, or 6-months before your existing deal ends for a remortgage.
This flexibility allows you to shop around for the best rates and terms without the pressure of an imminent deadline.
By adopting this approach means, you will have the ability to secure the most favourable mortgage deal during your homebuying or remortgage process.