Q: Just wondering if anyone would be able to help? My wife and I are in the process of buying a new build property, but want to sign a fixed rate on the mortgage interest rates inevitably go up in May, now as the house will not be finalized until the end of November, the mortgage company allows us to do, or we will apply for a mortgage closer to the end? cheers

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A:Six months is standard from most lenders that I've heard about. Usual T&C is the offer's open for six months, if you don't take it up in that time you have to re-apply or they re-look and put you on a current deal.

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A:Nationwide seem to be offering the same six months, so will give them a ring to see if this period could be increased and if theres a cost.

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A:I'm completing on a new build house tomorrow. We had to have a mortgage offer in place about 6-8 weeks after initially reserving the plot with the builders or they would put it back on the market and we would lose out reservation fee.

Our mortgage is with ING and when the offer came through it said it was valid for 6 months. As such we have the fixed rate they were offering back in November which makes the deal look even better now than then. From what the builders said, it would seem that holding an offer for 6 months is pretty standard.

I realise that end of November is a little more than six months, but if you know the mortgage you want, I'd ask the lender how long any offer is valid for given your circumstances. They may make you a mortgage offer and agree to keep it valid until the expected completion. Worth a try at least.

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A:Hi not sure if this is right but i'll tell you what i was told, basically we went to Abbey to find out about morgages etc and we wanted to do the same as you with a new build but we didnt as they said to wait till nearer the time.In the end we never got the house so would have signed for something that didnt exist but if you already have the house then i dont know? i dont blame you for wanting to keep the payments down!!
illl be interested in the replys!

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