FTB advice mortage on new build

ally12

hey

recently reseverd a new build property, and they are lookin to exchange contracts by end of may,
recently spoke to a mortage brooker L&C,and was told by them i cant get a mortage until at least 3 months before the property is finished, is this right ??
the place is to be finished mid october ish
do i have to wait till july/august for mortage?

mortage in princpal agreed shopped around with other broker to see what they had to offer

havnt yet instructed solicitor yet as im confused by what L&C have said

anyone shine any light on to this ?

kingstreet

We do a lot of newbuild and we tend to make sure the property will be completed within six months of the date of the mortgage offer, as that is how long most lenders offers last for.

If you are looking to use a lender which has a shorter offer period, you will have to apply later, which will not suit your builder as they are likely to be looking for a 28 day(ish) exchange, with completion on notice. Failing that, use a different broker/lender.