Mortgage offers explained

A mortgage offer means your mortgage application has been reviewed and approved by the lender.

Learn more about what a mortgage offer looks like and the next steps in the process.

The headlines

  • Mortgage offers are a key step in the home buying or remortgaging process.
  • They are different to an agreement in principle and usually come after you’ve officially applied for your mortgage.
  • Your offer could last for up to 6 months, though it might be withdrawn if your personal circumstances change.

In this guide

What is a mortgage offer?

How long does a mortgage offer last?

How do I get a mortgage offer?

What happens after you get a mortgage offer?

Frequently asked questions

What is a mortgage offer?

A mortgage offer is official confirmation from your lender that your mortgage application has been approved. 

It confirms:

  • how much you will be borrowing
  • your final mortgage rate and repayment amounts
  • any other terms and conditions related to your loan.

Your mortgage offer is specific to the property you’re buying or own now, so cannot be transferred to a different one. 

How long does a mortgage offer last?

Most mortgage offers last up to 6 months, though this might vary from lender to lender. 

While most offers are binding, there might be some instances where your lender can withdraw the offer.

At Lloyds, this is usually if new information comes to light that was not factored into your offer. This could be a financial commitment that wasn’t mentioned, inconsistent address history or fraud.

How do I get a mortgage offer?

1. Work out how much you want to borrow

Use a mortgage calculator to work out how much you could afford to borrow. This should give you an idea about the size of your mortgage and what your monthly repayments might be. 

If you’re buying a home, this should help you set a budget for your property purchase. Or if you’re remortgaging, you’ll get a sense of how much you could save by switching to a new lender. 

2. Apply for an agreement in principle (AIP)

Once you’ve worked out your borrowing needs, you can apply for an AIP. 

An AIP tells you how much you may be able to borrow before you apply for a mortgage. This can be especially useful if you’re buying a home, as it shows estate agents and sellers you’re serious about making an offer on a house.

3. Continue your mortgage application

Found the home you want to buy? Place your offer and see if it’s accepted. If the seller accepts, you’re ready to apply for a mortgage. You can do this online or make an appointment with a mortgage adviser.

If you’re remortgaging to a new lender rather than buying a home, you’ll still need to apply. Learn more about remortgaging to Lloyds.

4. Lender does their final checks

Once your application has been sent, your lender will review your income evidence and carry out a full credit check.

Your mortgage provider will also complete a mortgage valuation to check that the property is worth the amount you want to borrow. This helps the lender feel confident to go ahead with the loan.

5. Receive your mortgage offer

If your lender is happy with your application and valuation, you should receive your mortgage offer. Your lender might also send the mortgage offer to your conveyancer to help them with the conveyancing process.

What happens after you get a mortgage offer?

After you receive a mortgage offer, there are a few things you need to do.

1. Reviewing your offer

You’ll usually get a reflection period to review the terms of your offer and decide whether you want to proceed. 

You can also use this time to check for any mistakes and get in touch if anything needs correcting or changing.

2. Final legal checks

If you’re happy with the offer, your conveyancer will also work through the final legal steps. 

This will include preparing the mortgage deed for you to sign and exchanging contracts with the seller.

3. Completion

Your completion date is when you become the owner of your home. It usually involves:

  • finishing up any legal checks
  • paying the deposit and solicitor fees
  • transferring the Certificate of Title
  • transferring money
  • updating the Land Registry.    

You’ll also have a completion date when you remortgage. But rather than picking up the keys, your mortgage will simply move to the new lender and you’ll start making payments to them.

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Get in touch

You can call us or book a video mortgage appointment from the comfort of your own home. 

Contact us

Help and guidance

Use our mortgages hub to discover everything you need to know about applying for a mortgage, moving house or remortgaging. 

Mortgage help

Help and guidance

Use our mortgages hub to discover everything you need to know about applying for a mortgage, moving house or remortgaging. 

Mortgage help

Important legal information

New Lloyds mortgages are provided by Bank of Scotland plc. Lloyds Bank plc and Bank of Scotland plc are both part of Lloyds Banking Group.