Once your mortgage application has been approved, your lender will draw up a formal mortgage offer. You would need to sign this to proceed further. Signing the mortgage offer indicates that you agree to the terms and conditions set out by the lender, which include the interest rate, repayment schedule, and any special conditions.

Where possible, delay signing your mortgage offer until just before exchange of contracts. While signing the offer accepts the lender’s terms, you’re not legally committed to the mortgage unless the purchase completes. Holding off gives you time to shop around for better deals and avoid locking into a rate too early, especially in a changing market. Just ensure your broker and solicitor are aware, and check that your offer won’t expire before you’re ready to exchange.

Please note that mortgage offers are normally valid for a limited time, often between 3 to 6 months, depending on the lender. Make sure that you know when the offer will expire. If your sale is not yet near completion a few weeks before the offer expires, raise this with your broker or lender as a matter of urgency.