Is there anything i can do?

Haleyscomet

Me and my bf are currently in the process of buying a new build property. We put the deposit down in August and sorted out a mortgage offer with RBS. The house was supposed to be completed in January (although this was only an approximate date) Due to the bad weather (bit of snow) they were unable to put the roof on which delayed the rest of the build. Although they never actually gave us a date for completion. They are now on build stage 20 of 21 so nearly complete, but they are now saying that Yorkshire Water needs to come and check the water before they can issue certificate of completion, and they dont know when that will be. In the mean time our mortgage offer has run out and as we originaly got a fixed rate of 4.89 before it went up 3 times i think they have now recalculated it and it has gone up by £20 a month. I know that doesnt seem a lot but over the first 2years it will be an extra £480 which as i am a student is a lot. Is there anything i can do as it is not our fault that the build has taken so long so that our mortgage offer has ran out. Plus does anyone know if Yorkshire Water do need to check the water or are they just delaying AGAIN. I would be very grateful for any help or advice.

Doozergirl

If you call the mortgage company before your mortgage offer runs out, they will often extend it for you

I'd get on to the sales office anyway and see if you can get any extras (carpets, appliances etc) thrown in with the flat by means of an apology for the delay anyway. They can only say no!

Tiger_greeneyes

I'm sure the mortgage company will extend the offer as Doozergirl pointed out.

Be prepared for them to want the surveyor to pop back (at your expense) as the original survey may well be out of date. You shouldn't need a new survey done, just a reinspection - it shouldn't cost too much. On the plus side, your property might have increased in value - a reinspection will give you an indication of that. You might even be able to pass any costs onto the builders as it's them who've caused the delays.

If you can find a mortage lender with a better fixed rate then you've got the ideal opportunity to switch lenders. Your current lender may even have a new product out you can switch to. It'll be more expensive (and maybe impossible) to switch once you've exchanged contracts.

Madjock

they probably won't extend the offer, tbh. all the lenders have been changing their rates. you can ask though, but don't be too disappointed if they decline to extend the offer, they will more likely put you on a different product.

Haleyscomet

Thank you all, i have been onto them they have declined as it their policy to recalculate due to the rates increasing by so much. And builders are saying that it is down to us to sort mortgage out (which i fully understood anyway) but then had the cheek to say that if the house HAD of been ready on time and our mortgage had of ran out then we would have been in breach of their contract. Does anyone know about the Yorkshire Water thing? is it normal to test the water bearing in mind that people already live on site as they started building over a year ago? Surly they all have same water suply? thanks again for your advice