Extending Date of Mortgage Offer

Leeds_Fella

Guys,

Has anyone successfully extended the completion date of a mortgage offer.

To cut a long story short, the 4.99 2 year fixed we have had approved, runs out on 20th Aug and we are keen to extend by atleast a month. The completion is now due toward end Aug, but I'd like to extend further until the stamp duty issue is resolved - could save £11K here.

A&L have said its possible, but I need to supply a recent pay slip and they would go thru a credit check again, which I am confident with - albeit, you can bet your bottom dollar they would be keen for me to fail the check so they do not have to give a 4.99% fixed mortgage.

Has anyone extended their deal before?

beecher

My understanding of stamp duty was that payment would be postponed rather than scrapped, and would only affect people paying 1% (ie on purchases of less than £125,000). From what you hope to save, it looks like it wouldn't affect you and it looks like the government is backing away from th is idea anyway as it would clearly do nothing to stop the slide in prices. I don't think it is worth postponing your completion for something which won't impact on you even if it happens.

Leeds_Fella

Thanks for the prompt reply.

We would have to extend the offer anyway as we are not on track to complete by the 20th Aug.

At the earliest, if we accept that there would be no chance of the stamp duty issue benefitting us, end Aug would be the completion date.

beecher

A&L might be more amenable to keeping the offer open for a couple of weeks, rather than until some possible stamp duty changes are implemented. Even if the rumours are wrong, and it will be scrapped altogether for a time for everyone, I doubt that it would be possible to make the changes immediate.

I think it might be worth contacting A&L again and explaining that completion might take til the end of the month, and if the offer can be extended for that long - they may not ask for payslips etc if they think it is a short term issue.

Good luck.

ali137

I am really getting fed up with the media putting spins on stories that affect housing market :mad: