Mortgage offer periods
Buying a new build off plan (before it’s built) shouldn’t present any problems in itself when getting a mortgage as most lenders are familiar with this scenario. There may however be an issue around how long your mortgage offer is valid for. It varies by lender but most are only valid for six months. In other words you have six months from mortgage offer date to complete on your home purchase.
If as time goes on you think your new home isn’t going to be ready within that time you may be able to get the lender to extend the offer during the period, but in most cases your mortgage application will need to be re-assessed by starting your application all over again.
Recognising that many new build projects can be subject to delays, some lenders have special new build mortgages, with a longer validity period that can be up to three months longer than their usual deadlines. The best thing to do is check with a mortgage broker as they will know the products which will remain valid for longer and will also be on hand should you need to move quickly to re-apply or find an alternative lender.