A mortgage offer is official confirmation that we will lend you a set amount of money to buy or remortgage your chosen property, meaning your mortgage application has been approved.

A mortgage offer is typically valid for three to six months from the date your mortgage offer is issued. At the Tipton, a mortgage offer is valid for six months from the date of issue. Where the exchange of contracts has not yet taken place, but your solicitor can confirm completion within 10 working days, the mortgage offer can be extended with no further checks. Outside of this time frame, a re-inspection of the property and a new mortgage application is required.

A mortgage offer can be withdrawn right up until the moment you complete your purchase of a home. Although it is rare for a mortgage offer to be withdrawn, each lender can have its own reasons for withdrawing a mortgage offer.

Mortgage offers can be withdrawn for all sorts of reasons. The common theme is circumstances changing in between receiving the offer and having it withdrawn. Here are some of the main reasons why a mortgage offer might be withdrawn:

Your mortgage offer has expired: this is usually the most common reason for a mortgage offer to be withdrawn. At the Tipton, a mortgage offer is valid for 6 months, so if you haven’t completed in this timeframe you may need to ask for an extension or the offer will probably be withdrawn.

Providing false information: if you provide false information, knowingly or not, will likely result in the mortgage offer either not being issued, or if this comes to light post offer, being withdrawn.

A change in your circumstances: in the unfortunate event you find yourself suddenly without a job, unable to work, or a change in your income, this may affect your ability to afford your repayments which may result in your mortgage offer being withdrawn.

After receiving a copy of your mortgage offer both you and your solicitor will check the details to ensure the details are correct. It’s important to let us know if anything has changed at this stage, such as changes to income or the purchase price of the property.

After accepting your mortgage offer, your solicitor can start the final phase of your application and will arrange a date to exchange contracts with the seller. The contract will set out your agreement and any terms and conditions you and the seller are agreeing to. This is the point where you are legally committing to buying the property. After this, your solicitor will agree a completion date with you – the day you get the keys to your new home!

If you are considering a mortgage with us, our Mortgage Advisers are here to help you through your journey and offer a personalised service, meaning you'll never speak to a robot. Our Mortgage Advisers will discuss with you your finances and personal circumstances to recommend a mortgage product that's right for you. You can call to speak to our Mortgage Advisers on 0121 557 2551 or complete our online contact form and one of our advisers will get back to you.