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Mortgage offer expire date - HELP!
pinkshoes
Posts: 20,574 Forumite
Our mortgage offer expires end of March, and due to a delay in the completion of the new build property we're buying, it looks like exchange and completion will now be in April.
As interest rates have risen, it's going to cost us an extra £1500 over the 2 years fixed period.
Is there any way we can persuade our mortgage lender to let us extend our mortgage offer by 2 weeks? or at least anything that's worth a try!
The estate agent implied we'd be able to move in by end of feb/beginning of march (to make his sale!) and is now denying he ever said this (what a surprise!), so if i'd know it was going to be 2 months later, i wouldn't have taken a mortgage out so early.
any advice would be great! (although i have a hunch we'll probably have to end up taking the new mortgage!)
As interest rates have risen, it's going to cost us an extra £1500 over the 2 years fixed period.
Is there any way we can persuade our mortgage lender to let us extend our mortgage offer by 2 weeks? or at least anything that's worth a try!
The estate agent implied we'd be able to move in by end of feb/beginning of march (to make his sale!) and is now denying he ever said this (what a surprise!), so if i'd know it was going to be 2 months later, i wouldn't have taken a mortgage out so early.
any advice would be great! (although i have a hunch we'll probably have to end up taking the new mortgage!)
Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
0
Comments
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Give them a call
Not sure how long the original offer was valid for, but offer letters can be extended - but it is down to the lender.
Definitely worth a phone call rather than accpeting a higher rate
HTHI am a Mortgage AdviserYou 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.0 -
It was an offer for 4 months.
Know of any good persuasion tactics i can use?!
I've already paid them £415 for something (can't remember what off top of head - valuation of property maybe), so don't really want to change lender and loose this money.
Unless another lender would accept the valuation from another mortgage company?!?!
i'm a 1st time buyer, so have no experience when it comes to mortgages.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Who is the lender?
There isn't really any magic solution to this - it's just a case of explain to the lender what has happened, and that you will probably complete in April due to work taking longer than envisaged.
They have no obligation to extend the offer, but as said, some are more flexible than others and will try to help if they can
HTHI am a Mortgage AdviserYou 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.0 -
Far better to get your solicitor to do it he will have much more clout with the lender. Up to a month extension is not that difficult to get.I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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The mortgage is with Halifax. I shall have a go at persuading them tomorrow, then if that doesn't work, I'll get the solicitor to have a go!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
They can't extend either the offer or the interest rate... we'd need to find another £8k in the next 2 weeks coz it now requires a 15% deposit... SO if we don't complete before 31st March, we'll just have to accept a much higher interest rate.
sigh. how annoying! :mad:Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0
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