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Mortgage Offer expiry

Melaniep101
Melaniep101 Posts: 637 Forumite
Part of the Furniture 500 Posts
in House buying, renting & selling
Just a quick question for you guys...

I've just called my solicitor to check that we are ready to exchange contracts (apart from damp issue negotiations), only to be informed that our Mortgage offer expires this friday. Should she have let us know about this beforehand?

Its a bit of a worry as if she isn't being proactive about this, then maybe there's other things we arent being told about...

Thanks

Mel

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Errr... who did the mortgage lender make the mortgage offer to? Not ou by any chance? If so, did you not read it?
  • Melaniep101
    Melaniep101 Posts: 637 Forumite
    Part of the Furniture 500 Posts
    G_M wrote: »
    Errr... who did the mortgage lender make the mortgage offer to? Not ou by any chance? If so, did you not read it?

    I should add that we're FTB's so not done this before. I wasn't aware that it had an expiry date.
  • kingstreet
    kingstreet Posts: 39,444 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    When you say the offer expires, do you mean the product deadline is on Friday, or the offer/valuation is more than six months old and needs to be refreshed?
    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.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Then I assume you did not read it! Surely being FTBs and being unsure of the process would be reason to read things even more carefully than usual?

    But to answer your original Q:
    Should she have let us know about this beforehand?
    No, she assumed you knew.
  • Melaniep101
    Melaniep101 Posts: 637 Forumite
    Part of the Furniture 500 Posts
    kingstreet wrote: »
    When you say the offer expires, do you mean the product deadline is on Friday, or the offer/valuation is more than six months old and needs to be refreshed?

    Well this is the confusing thing, we only got the mortgage offer this month. Our application was approved a while back (beginning June). I understand we need to get an extension on it but I could have got on the case earlier if I'd known.
  • FireWyrm
    FireWyrm Posts: 6,557 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    You should still be in time then. Even if they started counting from June, it's still only 3 months, unless it's only valid for that long? You need to get clarification right now. I had a mortgage offer issued in April, it's good until 20th September. I know this because it says so at the top of the paperwork which you should have received from the lender. I'm sorry but G_M is mostly right despite his abrupt tone of voice, you should have checked and known regardless of being FTB's and your solicitor will have assumed you knew. My advice is to get onto your FA at 9am tomorrow morning and don't stop phoning him or your mortgage company until you are crystal clear on where you stand and what is going to happen on Friday because you might conceivably lose the house if you can't nail the mortgage.
    Debt Free! Long road, but we did it
    Meet my best friend : YNAB (you need a budget)
    My other best friend is a filofax.
    Do or do not, there is no try....Yoda.

    [/COLOR]
  • Melaniep101
    Melaniep101 Posts: 637 Forumite
    Part of the Furniture 500 Posts
    FireWyrm wrote: »
    You should still be in time then. Even if they started counting from June, it's still only 3 months, unless it's only valid for that long? You need to get clarification right now. I had a mortgage offer issued in April, it's good until 20th September. I know this because it says so at the top of the paperwork which you should have received from the lender. I'm sorry but G_M is mostly right despite his abrupt tone of voice, you should have checked and known regardless of being FTB's and your solicitor will have assumed you knew. My advice is to get onto your FA at 9am tomorrow morning and don't stop phoning him or your mortgage company until you are crystal clear on where you stand and what is going to happen on Friday because you might conceivably lose the house if you can't nail the mortgage.

    Thanks Firewyrm. Just called my lender and it apparently doesn't expire til December. Been misinformed by my solicitor so it seems...
  • FireWyrm
    FireWyrm Posts: 6,557 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    Good news. Now, how much do you trust your mortgage company? If it were me, I'd be digging through the paperwork for written clarification and also phone the solicitor tomorrow morning and find out what she was bleating on about.

    I'm a first time buyer too and consequently, I'm running my buy like the Normandy invasion with a spreadsheet of milestones, questions, problems, requirements etc. Ask questions, double check the paperwork and then have someone else check it again. Don't trust anything until you have read it or been told twice, you're allowed to be ultra cautious, there's literally £1000's riding on this so be damned sure what each step is and what you are trying to achieve.
    Debt Free! Long road, but we did it
    Meet my best friend : YNAB (you need a budget)
    My other best friend is a filofax.
    Do or do not, there is no try....Yoda.

    [/COLOR]
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    FireWyrm wrote: »
    ...I'm running my buy like the Normandy invasion with a spreadsheet of milestones, questions, problems, requirements etc. ...
    Brilliant :)
  • sonastin
    sonastin Posts: 3,210 Forumite
    I didn't realise the computer at bletchley park did spreadsheets!
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