Receiving your mortgage offer in Bristol is a key milestone in the home-buying or remortgaging process, but there are still important steps to take before completion.
Once your lender has approved your mortgage, you’ll move towards exchanging contracts, finalising legal work, and preparing for your move. Understanding what happens next can help you stay on track and avoid delays.
As a mortgage broker in Bristol, we guide you through the process, ensuring everything runs smoothly from your mortgage offer to completion. In this article, we’ll explain the next steps so you know exactly what to expect.
What is a mortgage offer and what does it mean?
A mortgage offer is a formal confirmation from a lender that they are willing to provide you with the mortgage you applied for.
It follows a successful application and is based on your financial assessment, credit checks, and a property valuation.
Receiving your mortgage offer in Bristol means you are one step closer to completing your property purchase or remortgage. However, there are still legal steps to complete before you get the keys to your new home.
How long does a mortgage offer last in Bristol?
Most mortgage offers in Bristol are valid for around 3 to 6 months, depending on the lender. This gives you enough time to finalise the legal work and exchange contracts.
If your purchase takes longer than expected, some lenders may allow you to request an extension.
It’s always best to check the expiry date on your mortgage offer and work with your mortgage broker in Bristol to ensure everything progresses smoothly within the timeframe.
What happens after I receive my mortgage offer in Bristol?
Once you receive your mortgage offer in Bristol, your solicitor will begin the final legal checks, including reviewing contracts and conducting property searches.
You will also need to arrange home insurance, as most lenders require it before completion.
If you are buying a home, you will move towards exchanging contracts, which legally commits you to the purchase.
Whether you are a first time buyer in Bristol or remortgaging, your mortgage advisor will guide you through this stage, ensuring everything is in place before your completion date.
What if there are delays after my mortgage offer is issued in Bristol?
Delays can sometimes occur due to issues with property searches, slow responses from solicitors, or problems in a property chain.
If you are concerned about delays, staying in regular contact with your solicitor and mortgage broker in Bristol can help keep things moving.
If your mortgage offer is close to expiring, your lender may allow an extension, but this is not guaranteed, so acting promptly is essential.
Can my mortgage offer be withdrawn?
Yes, a lender can withdraw a mortgage offer in Bristol if there are significant changes to your financial situation before completion.
This could include job loss, taking on additional debt, or changes in the property’s condition.
To avoid this, try to maintain your financial stability and avoid large credit commitments after receiving your mortgage offer.
What does my solicitor do after my mortgage offer is issued in Bristol?
After your mortgage offer in Bristol is issued, your solicitor carries out final property checks, including reviewing contracts, arranging property searches and handling the transfer of funds. They will also liaise with the seller’s solicitor to agree on a completion date.
Once everything is in place, you will sign the contracts and prepare for exchange and completion.
Your solicitor will guide you through each step to ensure a smooth process.
When do I exchange contracts after receiving my mortgage offer in Bristol?
You will exchange contracts once all legal work is completed, and both the buyer and seller are ready to proceed.
This usually happens a few weeks before completion, but the exact timeline depends on the property chain.
Once contracts are exchanged, the sale becomes legally binding, and you will be required to pay your deposit.
What happens on completion day?
Completion day is when the mortgage funds are released to the seller, and you officially take ownership of your new home.
Your solicitor will transfer the funds, register you as the new owner, and arrange for the keys to be handed over.
If you’re moving home in Bristol, this is the day you can collect your keys and start settling in.
Your mortgage advisor in Bristol will ensure everything is finalised so that your move goes as smoothly as possible.
Date Last Edited: January 28, 2025
