Mortgage approval validity length

[financially]

Hi,
if you get mortgage approval, how long is that valid for does anyone know?
Boyfriend could get contracting job but I suspect that would make approval harder to get and we're planning on starting to build next yr....

 

[NorfBank]

Depends on the lender, it varies from 1 to 3 months for approval in principle, 3 to 6 months to draw down a formal loan offer.
Very, very difficult to get approval if you are on contract.


[broken link removed]

 

[busyboy]

Its usually 3 months, but saying that, i applied for mine at the beginning of last October and it's still valid. So i'm told, by the bank.

 

[Renter27]

It seems to vary , my bank said a year is fine to draw down after Final Loan Approval , whereas the AIP only stands for 6 months