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Mortgage Timescale - Std rules???
jasonshirt
Posts: 1 Newbie
HI everyone.
This is my first post in here, so here goes!!
I am currently in the process of trying to move house. Basically i managed to secure a good fixed rate 5yr deal (Yorkshire BS) at 5.09%. I have paid the valuation and arrangement fee in advance. Although at the moment i have yet to proceed with my valuation. Basically i have not sold my house yet but wanted to secure a good deal. I did find a house but lost it due to not having sold mine, i now have another offer accepted on another property but it is not sold subject to contract as i have yet to sell mine (although i do now have an offer which i have accepted.
Basically the house i have the offer on is at the top of the chain (A)
A - top of the chain OK
B - Mine OK
C - My buyer OK
D - My buyers buyer OK
E - ??? - No offers as yet
Is there a fixed rule as to how long you can expect a bank/bldg soc to hold a mortgage open for you? I heard that it is 3mths for the valuation and then further 6 mths after this.
Also, if you get a valuation done and then the house sale falls through, can you simply keep the same mortgage deal and pay for another valuation? or do you lose the mortgage and have to reapply for their latest offers?
Soz for the messy post but its hard to explain..
Any help would be great.
Jasper
This is my first post in here, so here goes!!
I am currently in the process of trying to move house. Basically i managed to secure a good fixed rate 5yr deal (Yorkshire BS) at 5.09%. I have paid the valuation and arrangement fee in advance. Although at the moment i have yet to proceed with my valuation. Basically i have not sold my house yet but wanted to secure a good deal. I did find a house but lost it due to not having sold mine, i now have another offer accepted on another property but it is not sold subject to contract as i have yet to sell mine (although i do now have an offer which i have accepted.
Basically the house i have the offer on is at the top of the chain (A)
A - top of the chain OK
B - Mine OK
C - My buyer OK
D - My buyers buyer OK
E - ??? - No offers as yet
Is there a fixed rule as to how long you can expect a bank/bldg soc to hold a mortgage open for you? I heard that it is 3mths for the valuation and then further 6 mths after this.
Also, if you get a valuation done and then the house sale falls through, can you simply keep the same mortgage deal and pay for another valuation? or do you lose the mortgage and have to reapply for their latest offers?
Soz for the messy post but its hard to explain..
Any help would be great.
Jasper
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