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Mortgage Start Date Question
simonphd
Posts: 2 Newbie
Hello
our mortgage was approved last week. The offer says the mortgage will start on 16 nov.
However, the developer has told us that the anticipated completion date is "end of nov". They have not given a date in written yet. The anticipated completion date on the contract is left blank. My solicitor wants be to sign it and send it back to him.
Will we get a final completion date on exchange of contracts?
And at that point ill have to get my mortgage broker to contact the lender to amend their offer?
Can someone please advise how this works?
Many thanks
our mortgage was approved last week. The offer says the mortgage will start on 16 nov.
However, the developer has told us that the anticipated completion date is "end of nov". They have not given a date in written yet. The anticipated completion date on the contract is left blank. My solicitor wants be to sign it and send it back to him.
Will we get a final completion date on exchange of contracts?
And at that point ill have to get my mortgage broker to contact the lender to amend their offer?
Can someone please advise how this works?
Many thanks
0
Comments
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The offer contains an assumed/estimated/proposed start date to allow calculations.
Actual start date will be from the drawdown date of the funds.
Don't need to get an amended offer.I 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's just an example. Don't worry about it.
You will only exchange contracts when you have a set completion date.
The completion date determines the date and size of the first payment.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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