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Ease of extending mortgage offers
Just_Some_Guy
Posts: 232 Forumite
Hello friends
We exchanged on a new build on the understanding it was going to complete in "July/August". We have been informed that the expected completion is now in "mid September". This is both annoying and worrying as our mortgage offer expires in early October.
How easy is it to get a mortgage offer extended if it were to slip again? I've spoken to the broker and the lender and they both say that extensions are "possible" but I'm looking for something like "95% chance you'll get it" or "no chance, start applying for other mortgages". We are first time buyers, 90% LTV, sensible ratio of property value to joint income, clean credit histories, no material change in personal circumstances since original mortgage application.
(lesson: builders will lie to you to get your business)
We exchanged on a new build on the understanding it was going to complete in "July/August". We have been informed that the expected completion is now in "mid September". This is both annoying and worrying as our mortgage offer expires in early October.
How easy is it to get a mortgage offer extended if it were to slip again? I've spoken to the broker and the lender and they both say that extensions are "possible" but I'm looking for something like "95% chance you'll get it" or "no chance, start applying for other mortgages". We are first time buyers, 90% LTV, sensible ratio of property value to joint income, clean credit histories, no material change in personal circumstances since original mortgage application.
(lesson: builders will lie to you to get your business)
0
Comments
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Just_Some_Guy wrote: »
(lesson: builders will lie to you to get your business)
All sorts of issues through new builds off schedule. The builder doesn't get paid until the property is complete, so it's in their interest to finish it.0
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