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  • FIRST POST
    • inner_grace
    • By inner_grace 17th Mar 17, 10:32 AM
    • 31Posts
    • 7Thanks
    inner_grace
    Can mortgage offers be renewed or extended past 6 months?
    • #1
    • 17th Mar 17, 10:32 AM
    Can mortgage offers be renewed or extended past 6 months? 17th Mar 17 at 10:32 AM
    I accepted an offer on my house 2 months ago but due to the drastic shortage of houses available for sale I have yet to find somewhere. The estate agent who sold my house said I have about a month to find somewhere as the people that want to buy my house have a mortgage offer that only lasts for 6 months. What I don't understand is why they can't get it renewed or get another one?

    With regards to the sale falling through if it does I know there are a lot of buyers and the houses are selling within days locally to me. I sold mine in a day and if it does fall through I'm sure it will sell again. Just don't want to keep letting people down if I can't find anywhere to move into.
Page 1
    • davidmcn
    • By davidmcn 17th Mar 17, 10:38 AM
    • 5,624 Posts
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    davidmcn
    • #2
    • 17th Mar 17, 10:38 AM
    • #2
    • 17th Mar 17, 10:38 AM
    Isn't renting an option?
    • always_sunny
    • By always_sunny 17th Mar 17, 10:41 AM
    • 3,359 Posts
    • 3,589 Thanks
    always_sunny
    • #3
    • 17th Mar 17, 10:41 AM
    • #3
    • 17th Mar 17, 10:41 AM
    most lenders usually extend the offer, so long your conditions haven't changed, it shouldn't be a problem. Have you asked your lender?
    Expat with an EU passport
    • kingstreet
    • By kingstreet 17th Mar 17, 11:20 AM
    • 31,754 Posts
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    kingstreet
    • #4
    • 17th Mar 17, 11:20 AM
    • #4
    • 17th Mar 17, 11:20 AM
    It depends entirely on the lender.

    Nationwide gives only a two week extension, then it's a new application. Halifax you can change products regularly and it's the product drawdown deadline which determines expiry.

    Others are somewhere inbetween so you would need to know the lender concerned.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • LEJC
    • By LEJC 17th Mar 17, 11:20 AM
    • 8,934 Posts
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    LEJC
    • #5
    • 17th Mar 17, 11:20 AM
    • #5
    • 17th Mar 17, 11:20 AM
    If the purchaser wants to extend their mortgage offer then they must speak to the lender to do this...we had an offer extended purely because time was really running low at the end of what turned out to be a very fragmented purchase.

    however what I will say is you don't come across as a very motivated seller...yes houses may be selling fast in your area and you may be confident of re selling if these buyers do pull out....but dont forget that they will have spent money to get where they are with the sale/purchase so far,and presumably the goal for them is to eventually own the property you are selling them.....

    it all comes down to both parties being in the frame of mind that they both want to move
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    • kingstreet
    • By kingstreet 17th Mar 17, 11:21 AM
    • 31,754 Posts
    • 16,969 Thanks
    kingstreet
    • #6
    • 17th Mar 17, 11:21 AM
    • #6
    • 17th Mar 17, 11:21 AM
    I accepted an offer on my house 2 months ago but due to the drastic shortage of houses available for sale I have yet to find somewhere.
    Originally posted by inner_grace
    Someone should have advised your buyer not to go running off spending money on mortgage applications and legal work until you had found somewhere and the chain was fully formed.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • inner_grace
    • By inner_grace 17th Mar 17, 11:42 AM
    • 31 Posts
    • 7 Thanks
    inner_grace
    • #7
    • 17th Mar 17, 11:42 AM
    • #7
    • 17th Mar 17, 11:42 AM
    Yes I am surprised myself with that one as my estate agents are fully aware of my circumstances in that I can only move until I have found a suitable house to buy. I have been unlucky in that one of the houses we liked sold the day I accepted the offer on mine, one that came up and we expected to get as offered asked price sold to someone else above asking price and another we put an offer on close to asking that's been for sale for 4 months isn't budging on price. Still for sale as she's asking a little too much. We're looking every day and so long as there's space to extend would consider a smaller home to. I am very motivated and really want to move but I have advised my solicitor I'm not completing any paperwork to proceed with the sale until I find a home to buy.

    I hope my buyers haven't shelled out too much money but yes I agree that as they had a mortgage in principle they could have waited until I found somewhere to go ahead with the mortgage offer part. Until I find a home there is no sale Thought things might have picked up a little now it's nearly spring but things are no different to January, it's very slow with houses coming on in the area I need to buy in, I can't move far because of my children needing to get to school. I disagree with moving them schools because it's very disruptive and my daughter has only just settled in.
    • hazyjo
    • By hazyjo 17th Mar 17, 12:10 PM
    • 9,375 Posts
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    hazyjo
    • #8
    • 17th Mar 17, 12:10 PM
    • #8
    • 17th Mar 17, 12:10 PM
    Many charge £1k or more to fix a mortgage. Not all will extend. Your buyer obviously won't want to pay that charge more than once.


    As above, their fault really for starting the buying process.


    Jx
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    • nicmyles
    • By nicmyles 17th Mar 17, 2:07 PM
    • 75 Posts
    • 68 Thanks
    nicmyles
    • #9
    • 17th Mar 17, 2:07 PM
    • #9
    • 17th Mar 17, 2:07 PM
    The answer is they probably can. But if I'd been hanging around for two months for my vendor to find somewhere else, I'd be starting to think about ultimatums as well. What's the point of investing time and potentially money in extending or renewing a mortgage offer if you don't have confidence in the vendor?

    I disagree this is their fault - they are probably concerned as to whether or not you are serious about selling. And from what you've said, they're probably right to be. They'll be looking for some sort of sign that you're prepared to be flexible to get the deal done, and it doesn't appear that that's going to be forthcoming.

    If you're really not that bothered about keeping the buyer, just refuse all ultimatums, but be prepared for the fact that eventually they may pull out.

    Edit to add: What I mean is, it's not all about them working round you. They are completely within their rights to exert pressure and negotiate to get what they want, i.e. your house asap.
    Last edited by nicmyles; 17-03-2017 at 2:10 PM.
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