Mortgage offer expiring

1trainer1

Hi,

We are in the process of buying a property, as a first time buyer we have made an offer and the offer has been accepted but it has taken a while for the everything to go through and yesterday we got a letter from the solicitors to say that our mortgage offer is expiring at the end of this month and the bank wont extend it.

My Question is what should we do next? we have got the mortgage through a broker who has found us a mortgage with Halifax.

Should we approach the broker first or go directly to Halifax?

We have not yet told the estate agents but will contact them and see if they can do anything to hurry the process before the end of the month.

All the solicitor is waiting for is contracts from the sellers solicitors and then we should be able to exchange but im guessing that wont take less than a week or is there a chance it can be done in a few days?

I am more annoyed than anything else.

Also, finally if the mortgage offer expires and I have no other option apart from getting a new deal do I have to do a survey / valuation again?

opinions4u

1. Get the broker to sort out the mortgage side of things. That's why you use a broker.

If you need a new lender then you will need a new valuation. Even Halifax could reasonably ask for a current valuation as it's taken so long to sort things out.

Additional point, if the broker can get Halifax to issue a new offer (should be able to) is there a new product that provides a better deal?

2. Do anything you can to shift the chain in to action. I suspect it's a bit too late to complete this month though.

1trainer1

opinions4u wrote: »

1. Get the broker to sort out the mortgage side of things. That's why you use a broker.

If you need a new lender then you will need a new valuation. Even Halifax could reasonably ask for a current valuation as it's taken so long to sort things out.

Additional point, if the broker can get Halifax to issue a new offer (should be able to) is there a new product that provides a better deal?

2. Do anything you can to shift the chain in to action. I suspect it's a bit too late to complete this month though.

Thanks, that what we thought but you starte getting worried when you get a letter on saturday after work and noone is open your mind starts wondering.

I just hope that we dont have to do a new survey or anything else and it is simply a matter of getting an extension or another mortgage with halifax that carries on where the last one left off.

should I phone the estate agents and solicitor tommorow as well or should I wait till my broker has given me an answer?

Nins12345

Phone your agent and get them involved they will ring both buyers and vendors solicitors and get them to communicate if it means losing a sale! What is the chain like?

1trainer1

Nins12345 wrote: »

Phone your agent and get them involved they will ring both buyers and vendors solicitors and get them to communicate if it means losing a sale! What is the chain like?

There is no chain as we are buying the house from someones whose parents were living in the property and have passed away.

We just want to get it done and dusted as we have got so many plans for the place and have allready gave our notice in out current place and have got the monies out of our savings accounts all ready to exchange.

kingstreet

Is your mortgage offer expiring because it will be six months old, or are you reaching the product drawdown deadline?

kingstreet

I've just had a look at a Halifax offer.

It contains a product drawdown deadline, normally a month end.

The KFI (top of P1) and offer (Top of page 8 of 9) I looked at shows a deadline of 30 November 2011. This is the product drawdown deadline.

Normally, the solicitor can request an extention of upto a month in this deadline to avoid you having to go back for a new product. If the lender can't do it, you'll have no choice but to take something new.

If you are approaching six calendar months from the date of the issue of the offer, you may need to have a new valuation done as it goes stales after that length of time.

Speak to your broker to establish which point you are approaching if you can't peruse your own documentation.