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Agreement In Principal
MRSTITTLEMOUSE
Posts: 8,547 Forumite
Hello, just wondered if anyone can help me.I had an agreement in principal on 28th February, valid for three months.This was with Northern Rock.
My problem is due to a setback my buyer had at the beginning it seems that we will not be completing till June possibly 3-5 weeks after the end of the cut off date of May 28th.
We have our mortgage offer from Northern Rock and the sale and purchase is now underway.
What happens when the mortgage date on the agreement in principal runs out ,do we have to apply again even though we and our solicitor have both had the official mortgage offer or since the mortgage has been offered does the date on the agreement in principal not matter.Thanks in advance .
My problem is due to a setback my buyer had at the beginning it seems that we will not be completing till June possibly 3-5 weeks after the end of the cut off date of May 28th.
We have our mortgage offer from Northern Rock and the sale and purchase is now underway.
What happens when the mortgage date on the agreement in principal runs out ,do we have to apply again even though we and our solicitor have both had the official mortgage offer or since the mortgage has been offered does the date on the agreement in principal not matter.Thanks in advance .
0
Comments
-
Hi,
If you have had the official mortgage offer from the Northern Rock then it is the expiry date on that, not the AIP which matters.
Most mortgage offers have a shelf life of 6 month's extendable by a simple call to the lender in most cases.
As long as you do not change the property you are buying, or ask for more money on the mortgage, the AIP has now severd it's purpose and is technically redundant.
Andy0 -
It isn't a problem, as long as your circumstances have not changed from when you got it then they will still lend you the money.Mortgage free Start amount feb 2014 227000. Current amount nov 2014 217000.
Challenges 2015
No alcohol January. No spend February
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