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New build risk of mortgage offer expiring
byron123
Posts: 1 Newbie
We are due to exchange soon on a new build off plan flat with an estimated completion date 6-7 months after exchange.
Does anyone know any lenders that have mortgage offers valid for more than 6 months or lenders that are likely to extend the mortgage offer?
Thank you
Does anyone know any lenders that have mortgage offers valid for more than 6 months or lenders that are likely to extend the mortgage offer?
Thank you
0
Comments
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I have no idea whether they still would do but a few years ago my partner had a mortgage offer from Halifax on a new build, the developers ended up taking longer than planned to complete the property to the point that her original mortgage offer expired.
Halifax however did extend the offer for her (rates had increased in the intervening time so they were definitely doing her a favour by extending it), she ended up completing several months after the original mortgage offer should have expired.0 -
We are going with Halifax...there mortgage offer is valid for 6 months.0
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Current Halifax products have a drawdown deadline of 31 August 2014.
Some lenders will allow a short extention. Nationwide's is two weeks, for example.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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