FTB mortgage need some advice please

skyjumper

hi guys,

got my mortgage approved( not MIP) in March 2008 for a new build - hopefully finishing in September. I have exchanged contracts and is waiting for the Builders to finish the work.

i have got mortgage approved and have all the paperworks for the mortgage done in March which is valid for 6 months. Now during the time of completion, what all do i need- do i need to get any more paper works done like- getting credit checked, sending all my payslips and bank statements which i had done in march or is it a straight forward process of the contacting lender to get the funds transferred?
exchange done in March completion in Sept 2008.

Please advice and comment. thanks in advance

skyjumper

just wanted to add that

i had got the mortgage from a bank, if that makes any difference in comments

skyjumper

any takers?

herbiesjp

Your solicitor needs to notify the lender of the completion date, and then organise the transfer of funds to, and from, the relevant parties - assuming that your mortgage offer letter has not expired

skyjumper

thanks herbiesjp

mortgage offer letter says the offer expires by 5th October. what i need to know is that will i need to go through the lengthy process of getting my payslips and bank statements together for getting another credit search done before completing. sorry for my ignorance

herbiesjp

No problem

You will not need to send in new paperwork, as the mortgage has already been offered and accepted by you (I asssume you have signed and sent back the offer letter)

So as long as you complete before the expiry, you will be fine

Down to the solicitor to do their thing from now on and co-ordinate the transfers etc

skyjumper

that was quite a fast reply. thanks again.

I had initially put down the money for doing a Building survey and it went on fine. the buiding was not built bur the survey went on doing some basic checks and came back fine.

i have heard that some lenders ask for a second survey now that the buidling is actually in place. that means another Survey ??

any ideas

herbiesjp

Some lenders will indeed want a re-inspection once the place has been completed

Best to ask your lender, just to make sure that was not a condition in the original offer