? Have you got a mortgage-related question you need answering? Email in and we’ll get one of our experts to reply. Nick Mendes, mortgage technical manager atI have a mortgage that is due for renewal in June. I have an offer already but am worried it could be withdrawn if interest rates rise before then. I know the Bank will announce whether the base rate has changed this week.Once a mortgage offer is made, it typically comes with an expiration date or a validity period – often 90 to 120 days.
If you find that your rate is not guaranteed, or if you are considering shopping around for potentially better rates, keep in mind that interest rates can indeed change. In such cases, securing a new rate from another lender might be worth considering. Many lenders will allow you to switch to a cheaper deal should rates improve between now and completion.
Stay with the existing lender you have an application with and change to a new fixed rate as part of the remortgage.