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    • Lucy28
    • By Lucy28 12th Sep 17, 4:40 PM
    • 8Posts
    • 0Thanks
    Lucy28
    Mortgage offer expiry!
    • #1
    • 12th Sep 17, 4:40 PM
    Mortgage offer expiry! 12th Sep 17 at 4:40 PM
    Hi,


    I am FTB and purchasing a new build due to complete on 16th October.


    My mortgage expires on the 7th October which in effect is ok as nationwide will grant a 15 day extension I have heard they actually have a 45 day grace period for new builds.


    however my issue is i have asked my solicitor to apply for the extension only to be told they will not do this until notice has been served by the developer. my friend works for the developer and has said this is not likely until 9th October, by this time my mortgage offer will have expired thus no extension can be granted.


    my solicitors and broker knew how tight my offer was and not once was i told notice needed to be served before the solicitors would submit the COT. also may i add my solicitor and broker are both saying conflicting things, my broker seems to think COT can be submitted before notice is served and nationwide are also saying it can be done.


    so i am now 5 weeks away from completion and may not have a mortgage offer after the 7th October. i really do not know what to do.


    has anyone experienced this before?


    thanks
Page 1
    • kingstreet
    • By kingstreet 12th Sep 17, 4:50 PM
    • 32,207 Posts
    • 17,249 Thanks
    kingstreet
    • #2
    • 12th Sep 17, 4:50 PM
    • #2
    • 12th Sep 17, 4:50 PM
    The COT has to be submitted within two weeks of the expiry date and the completion date has to be certain at the point it is submitted.

    That's all I can tell you.

    As it's a free valuation, why not put a new application in to Nationwide so you have a fall-back position, just in case...?
    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.
    • Lucy28
    • By Lucy28 12th Sep 17, 5:09 PM
    • 8 Posts
    • 0 Thanks
    Lucy28
    • #3
    • 12th Sep 17, 5:09 PM
    • #3
    • 12th Sep 17, 5:09 PM
    so for the completion date to be certain does notice need to have been served by the builder?


    I was thinking of that but wasn't sure if two applications can run along side each other? as I already have a offer from nationwide?
    • aNom
    • By aNom 12th Sep 17, 5:48 PM
    • 73 Posts
    • 65 Thanks
    aNom
    • #4
    • 12th Sep 17, 5:48 PM
    • #4
    • 12th Sep 17, 5:48 PM
    I was thinking of that but wasn't sure if two applications can run along side each other? as I already have a offer from nationwide?
    Originally posted by Lucy28
    I had to reapply with Nationwide as Redrow moved the build date, Nationwide was able to have multiple applications running at the same time and cancelled the original once I had received the offer but valuations are only valid for 90 days so we couldn't use the original valuation.

    It took 8 days from the second application to receiving the offer.
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