Underwriting done and valuation accepted, the lender issues your mortgage offer — the formal, written commitment to lend on stated terms, copied to your conveyancer. It is Phase 4's finish line and Phase 5's entry ticket. Two jobs remain: verify every line, and respect its expiry date.
Check it like a contract, because it is one
Verify names and spellings, the property address, purchase price, loan amount, rate and product, term, monthly payment, fees (and whether they were added to the loan as instructed), the Early Repayment Charge schedule, and any special conditions — a retention for repairs, proof requests, buildings insurance requirements. Errors are fixable in days now and painful at completion; anything that differs from the deal you applied for goes straight back to your broker or lender in writing.
The expiry clock
Offers are typically valid three to six months from issue. In a normal transaction that is ample; a slow chain can burn it. Note the date prominently, tell your conveyancer, and if exchange looks like drifting near it, ask early about an extension — lenders often grant them but may re-verify your finances or move you to current rates, which is far better discovered proactively.
What it unlocks
Your conveyancer needs the offer, completed searches, answered enquiries and your signed report on title before exchange can happen. With the offer in hand, this is the moment to ask them directly: what is still outstanding, and what is our realistic exchange window? You are now the most exchange-ready party in the chain — gentle pressure downhill is legitimate.
Your action list
Practical tips
- Keep a PDF of the offer with your purchase folder — you will refer to the ERC schedule for years.
- If rates fell since you applied, ask your broker whether switching products pre-completion is possible; sometimes it is, and it is free money.
What can go wrong
- Lenders can re-check finances and even withdraw offers before completion in significant circumstances — the finance freeze from the application step stays in force.
- An offer expiring mid-chain with no extension plan is how buyers end up re-applying at worse rates under time pressure.
- PropertySquares provides education, not financial or legal advice. Verify current rules and obtain advice for your circumstances before acting.