Extending mortgage offer?

kingstreet

In my opinion your solicitor should be asking the lender for an extention. Your broker appears to be looking for an alternative.

Nothing wrong with considering both, I guess.

If you are approaching the expiry of the offer, you may have to pay for a new valuation and supply updated status documentation. An extended drawdown deadline is normally done without further requirements/cost.

englandcrew

I was with Norwich and Peterborough. I have not extended it yet, I am waiting till nearer the expiry date of the offer.

Kingstreet, can you please explain what you mean by draw down deadline? My offer expires in October and I want to extend it for several months, my main concern is I want the same rate I am applying for, would they give me the same rate?

kingstreet

A mortgage offer has a period it is valid, normally six months. After that, new status information and a new valuation may be required.

Within the mortgage offer, a mortgage product may have a deadline by which it has to be borrowed, the drawdown deadline.

Getting the same rate is a decision your lender will make based on how long after the deadline you will need to complete.

As an example, current Halifax products have to be drawndown by 28 February 2013 unless you pick one of its newbuild products, which allow you until 30 April 2013 to complete.

dannyblay

Update on my extention.
My broker called me on wednesday to say he has selected a similar product that i had and have sent it to halifax. Halifax got back to him and said they will find out if the first valuation can still be used. Now I did ask him again whether it is going be like a new application he said no but all that they will do is send me a different offer letter with different product code but my repayments, interest rates and conditions are all the same. But last night when I went to see my credit file on credit expert I realised halifax have done another credit check on me on the 15/08/12. My credit report is excellent but my only concern is when I was given the offer on one of my credit cards I had a balance of £2000 which I have used another £2000 more and it is gone up to £4000, I payed £3000 on the same day they did the credit check on me but it has not yet reflected on my file that I have paid that amount. Does anybody think this will affect me?